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Housing sales and prices dip in July

The latest Real Estate Institute housing sales figures and prices show the market weakened slightly in July from June but again showed an improvement in activity compared with the same month last year.

Monday, August 20th 2001, 4:54AM

by Jenny Ruth

Still, the median price figures suggest the Reserve Bank needn’t worry about house price inflation.

The median house price fell from $177,000 in June to $170,000 in July which equalled the median price in July last year.

Real Estate Institute president Rex Hadley interprets the figures as showing stable prices.

"During 2001, the national median price has moved up and down each month by up to $8,000 but appears to be achieving a stability within this range," he says.

The institute’s figures show that while the number of houses sold nationally fell from 6,147 in June to 6,122 in July, that was up from only 5,168 houses in July last year.

Nevertheless the numbers sold each month have been declining from the 6,506 houses sold in April this year. And the July number is well down on the 7,393 houses sold in July 1997.

The total value of sales fell from $1.3 billion in June to $1.25 billion in July, but that was well up on the $1.06 billion sold in July last year.

On a regional basis, five of the 11 regions saw the July median price increase from June while the other six regions experienced declines. Compared with July last year, the median price rose in seven of the regions, fell in three and was unchanged in the other.

Compared with June, activity rose in seven of the regions and fell in four. Compared with July last year, activity rose in all but one of the regions. The odd one out was Wellington where sales fell from 791 in July last year to 777 this July.

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR JULY 1996-2001
REGION JULY 96 JULY 97 JULY 98 JULY 99 JULY 00 JUNE 01 JULY 01
Northland

117,750

134,500

141,500

139,000

130,000

158,000

160,000
Auckland

222,500

238,000

226,500

232,000

231,000

253,000

239,000
Waikato/BOP/Gisborne

130,500

151,000

152,250

152,000

155,000

157,500

162,000
Hawkes Bay

120,000

122,500

118,000

120,875

116,000

126,000

135,000
Manawatu/Wanganui

97,500

99,250

90,000

100,000

110,000

101,500

105,000
Taranaki

94,750

95,000

95,000

92,000

96,000

92,000

96,750
Wellington

138,500

155,000

160,000

178,500

183,000

195,000

190,000
Nelson/Marlborough

130,750

136,500

138,000

142,000

147,000

154,000

145,000
Canterbury/Westland

130,000

140,000

143,500

146,000

140,000

140,000

136,000
Otago

100,000

95,500

90,500

95,000

94,500

100,000

94,500
Southland

75,000

71,000

74,500

83,000

72,500

65,000

84,000
NZ Total

$147,000

$162,000

$165,000

$167,000

$170,000

$177,000

$170,000

« Ombudsman sees few mortgage broker complaintsHouse building figures dip in July »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 7.24 5.69 6.19 6.55
AMP Home Loans $200k+ 7.14 5.59 6.09 6.45
AMP Home Loans LVR <80% - - 5.75 6.09
ANZ 6.74 ▼6.09 ▼6.19 ▼6.39
ANZ Special - ▼5.59 5.75 ▼5.99
ASB Bank 6.75 5.99 6.19 6.39
ASB Bank Special - 5.70 5.75 5.99
BankDirect 6.75 5.99 6.19 6.39
BankDirect Special - 5.70 5.75 5.99
BNZ - Classic - 5.69 5.75 -
BNZ - GlobalPlus 6.74 5.89 6.19 ▼5.85
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.15 - - -
BNZ - Rapid Repay 6.74 - - -
BNZ - Std, FlyBuys 6.74 5.89 6.19 ▼5.85
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 5.69 5.74 5.99
HBS Special - 5.59 5.49 5.69
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 5.69 5.75 5.99
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.39 - -
ICBC 6.75 5.99 6.39 -
Kiwibank 6.65 ▼5.69 6.19 ▼6.55
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.55 - - -
Kiwibank LVR > 80% - - 5.75 ▼5.89
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 6.10 6.28 6.43
SBS Bank 6.65 5.69 5.74 5.99
SBS Bank Special - 5.59 5.49 5.69
Lender Flt 1yr 2yr 3yr
Silver Fern 5.95 6.10 6.55 7.05
Sovereign 6.85 5.99 6.19 6.39
Sovereign Special - 5.70 5.75 5.99
The Co-operative Bank 6.70 ▼5.69 5.75 ▼5.99
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 - - - ▼5.99
Median 6.70 5.99 6.19 6.34

Last updated: 26 November 2014 3:38pm

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