tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Thursday, September 19th, 12:56PM

Mortgages

Mortgage Rates Daily Commentary
Saturday 14 September 2024  Add your comment
Your Weekend Listen: Hear the latest from Prospa

Prospa NZ managing director Adrienne Begbie joins the TMM Better Business podcast to discuss opportunities for mortgage advisers. Click here to see some of the things she covers in this podcast.

LISTEN TO THE FULL POCAST ON THESE PLATFORMS

 

                          

rss
Latest Headlines

Confidence in houses soars

People’s confidence about the housing market surged in the three months ended April, partly fuelled by declining interest rates, according to the ASB Bank’s latest survey.

Sunday, May 27th 2001, 10:20PM

by Jenny Ruth

People’s confidence about the housing market surged in the three months ended April, partly fuelled by declining interest rates, according to the ASB Bank’s latest survey.

The Reserve Bank has cut its official cash rate, which influences wholesale and retail interest rates, three times this year from 6.5% to 5.75%.

In ASB Bank’s survey, a net 49% now think it’s a good time to buy a house, up from a net 37% three months earlier. Respondents also cited favourable house prices as a reason for improvement in confidence.

ASB Bank economist Rozanna Wozniak says increased confidence in the economy, and therefore greater job security, and reports of higher real estate sales have also contributed to the improved confidence.

Unemployment has fallen to a 13-year low of 5.4%. "Our estimates suggest that turnover, in seasonally adjusted terms, has risen approximately 40% from the lows of last October. Although this improvement comes off a low base, it nevertheless confirms that the trend has now solidly turned," Wozniak says.

But expectations that house prices will rise have increased only modestly, she says. "For the most part, respondents are reasonably realistic about the outlook,’’ she says. Almost half of respondents expect no change in house prices while a net 22%, up from 17% three months ago are expecting price increases.

Wellington was the big exception. Even though Wellington is the one place where house prices have risen strongly through the last decade, and there’s increasing evidence price increases are slowing, a net 35% of respondents expect Wellington house prices to go up.

While the lower end of the housing market was quiet last year, there is evidence that first-home buyers are gradually returning, Wozniak says.

As we move into the traditionally slower winter months, Wozniak expects house prices will continue to stabilise in most regions. While small price gains are possible in some regions during the next few years, strong price rises are unlikely in the current environment of weak population growth and only modest economic growth, she says. As well, interest rates have probably bottomed, she says.

« Don't hold your breath for loans from the Red ShedsOnline Real Estate »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.94 - - -
AIA - Go Home Loans 8.49 6.45 5.89 5.79
ANZ 8.39 6.95 6.39 6.39
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 6.35 5.79 5.79
ASB Bank 8.39 6.45 5.89 5.79
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.90 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - ▼6.29 ▼5.79 5.79
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 8.44 - - -
BNZ - Rapid Repay 8.44 - - -
BNZ - Std 8.44 6.45 5.89 5.79
BNZ - TotalMoney 8.44 - - -
CFML 321 Loans 6.70 - - -
CFML Home Loans 6.95 - - -
CFML Prime Loans 8.75 - - -
CFML Standard Loans 9.70 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - ▼6.15 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 8.15 ▼6.35 ▼5.79 ▼5.69
Co-operative Bank - Standard 8.15 ▼6.85 ▼6.29 ▼6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.75 6.35 -
First Credit Union Standard 8.50 7.35 6.95 -
Heartland Bank - Online 7.99 6.69 6.35 6.15
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.85 6.45 5.99 5.89
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 8.25 ▼7.19 ▼6.69 ▼6.59
Kiwibank - Offset 8.25 - - -
Kiwibank Special - ▼6.29 ▼5.79 ▼5.79
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.75 6.85 6.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.49 7.19 6.49 6.49
SBS Bank Special - 6.59 5.89 5.89
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.94 5.59 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
TSB Bank 9.19 7.25 6.79 6.69
TSB Special 8.39 6.45 5.99 5.89
Unity 8.64 ▼6.45 ▼5.89 -
Unity First Home Buyer special - 6.20 - -
Wairarapa Building Society 8.50 6.65 5.99 -
Westpac 8.39 7.45 6.79 6.59
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.85 6.19 5.99
Median 8.44 6.67 6.29 5.89

Last updated: 19 September 2024 9:31am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com