About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, October 24th, 1:50PM
Mortgage Rates Daily Commentary
Sunday 19 October 2014  Add your comment
rss
Latest Headlines

Housing sales remain strong

Housing sales remain strong, even though the number sold in May fell slightly from April and the median house price slipped.

Monday, June 18th 2001, 4:01PM

by Jenny Ruth

Housing sales remain strong, even though the number sold in May fell slightly from April and the median house price slipped.

Real Estate Institute figures show 6,461 houses sold in May compared with 6,506 in April. But institute president Rex Hadley says the better comparison is with May last year when only 5,424 houses sold.

"In May and June with winter coming on, it's never that good. We're delighted we've sold 6,000 plus," Hadley says. "It's not quite `97, `97 was a magnificent year. What we're looking at is getting out of the rut of 2000,'' he says. In May 1997, 8,031 houses sold.

The total value of homes sold at $1.315 million was down from April's $1.424 million but well up on $1.077 in May last year. "That's a reason to rejoice," Hadley says.

He cites the same reasons behind the last few months' improvements: declining interest rates and the reasonably buoyant economy, particularly the rural economy. "The dairy payout is going to have some bearing on this month's turnover," he says.

The record dairy payout means the average diary farmer will gross about $345,000, about $100,000 more than last year. The Reserve Bank has cut its official cash rate, from which other interest rates are set, three times this year from 6.5% to 5.75%.

The median house price nationally fell to $170,000 in May from $178,000 in April and $172,000 in May last year. Hadley says the median price is far less important than volume. "If you get a few million dollar properties, it makes a big difference across the board."

Compared with April, the median house price in May fell in eight of the 11 regions, including Auckland and much of the North Island, and improved in only two, Nelson/Marlborough and Wellington. Compared with May last year, the median house price rose in five regions, fell in four and was stable in two.

TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR MAY 1996-2001

REGION

MAY96

MAY97

MAY98

MAY99

MAY00

APR01

MAY01

Northland

115,000

138,000

147,500

153,000

135,000

150,000

152,500

Auckland

227,500

235,000

232,000

230,000

237,750

248,500

235,000

Waikato/BOP/Gisborne

133,000

145,000

150,000

156,500

157,000

165,000

155,000

Hawkes Bay

117,750

128,100

120,000

127,000

122,250

128,000

123,500

Manawatu/Wanganui

95,000

101,000

96,000

102,000

100,000

109,000

100,000

Taranaki

95,000

95,250

91,000

95,000

94,500

106,500

100,000

Wellington

139,500

152,000

168,500

170,000

185,000

195,000

198,000

Nelson/Marlborough

135,750

133,500

145,500

142,500

145,000

147,500

152,750

Canterbury/Westland

132,000

138,450

140,000

140,000

146,000

135,000

135,000

Otago

95,875

97,000

95,000

86,000

102,000

99,250

94,000

Southland

80,000

85,000

66,500

76,000

75,000

96,000

75,000

NZ Total

$148,000

$162,500

$164,000

$167,875

$172,000

$178,000

$170,000

« Mortgages for problem borrowersImprovement but no housing boom in sight »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend

Video [VIDEO] Where does money come from?

Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 ▼5.69 6.39 6.65
AMP Home Loans $200k+ 7.14 ▼5.59 6.29 6.55
AMP Home Loans LVR <80% - - ▲5.99 ▼6.19
ANZ 6.74 6.15 ▼6.39 6.49
ANZ Special - ▼5.69 ▼5.75 6.09
ASB Bank 6.75 6.09 6.40 6.65
ASB Bank Special - 5.70 ▼5.75 6.19
BankDirect 6.75 6.09 6.99 6.65
BankDirect Special - 5.70 ▼5.75 6.19
BNZ - Classic - - 5.75 ▼5.85
BNZ - GlobalPlus 6.74 5.89 6.39 6.59
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.39 6.59
BNZ - TotalMoney 6.74 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.45 6.05 6.20 -
Credit Union North 6.45 - - -
Credit Union South 5.75 - - -
eMortgage 6.04 6.15 6.69 7.19
Finance Direct 6.10 6.45 6.69 7.10
First Credit Union 6.45 - - -
Lender Flt 1yr 2yr 3yr
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.65 5.85 5.99 6.19
HBS Special - - - 5.89
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society 6.70 6.00 6.50 -
Housing NZ Corp 6.74 5.99 6.39 6.59
HSBC Premier 6.84 5.95 5.95 6.39
HSBC Premier LVR > 80% - 5.75 5.75 5.75
HSBC Special - - - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 5.79 6.39 6.65
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.89 6.19
Liberty - - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society 6.95 6.15 6.60 -
NZ Home Loans 6.85 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
Resimac 6.59 6.35 6.58 6.77
SBS Bank 6.65 5.85 5.99 6.19
SBS Bank Special - - - 5.89
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 6.09 6.40 6.65
Sovereign Special - 5.70 5.75 6.19
The Co-operative Bank 6.70 ▼5.70 ▼5.89 6.19
TSB Bank 6.74 5.95 6.19 6.30
TSB Special - - 5.79 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.59 6.09 6.39 6.65
Westpac - Capped rates - 6.74 6.99 -
Westpac - Offset 6.59 - - -
Westpac Special - - ▼5.75 6.19
Median 6.70 6.00 6.39 6.52

Last updated: 24 October 2014 9:27am

Previous News

MORE NEWS»

News Bites

MORE NEWS BITES»

Compare Mortgage Rates
Compare
from
to
for
To graph multiple lenders, hold down Ctrl key while clicking in list box
Find a Mortgage Broker

Add your company

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