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Mortgage Rates Daily Commentary
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ANZ up first as usual; ASB second

Following yesterday's OCR announcement ANZ was first out of the blocks to announce a rate increase. ASB and Bank Direct followed soon afterwards. The other non-bank change is increases at Nelson Building Society.

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Housing market falters in September

Both the number of housing sales and the median house price dipped significantly in September but the Real Estate Institute believes this is temporary.

Friday, October 19th 2001, 5:48PM

by Jenny Ruth

"There are a number of factors that influenced the market during September, not least of which was the school holidays and public concern regarding the events of 11 September," says vice-president Graeme Woodley.

"But none of this will have any long-term effect on the home-buying public," he says.

The housing market declines were despite the Reserve Bank cutting its official cash rate from 5.75% to 5.25% on 19 September.

The institute’s figures show floating rate mortgages have fallen from between 6.84% and 7.7% a month ago to between 6.34% and 7.2% currently.

Woodley says these interest rates are "extremely low by New Zealand standards" and should help stimulate the housing market. "As we come into summer, traditionally a busy season for real estate, we anticipate market activity will increase," he says.

The institute figures show the national median house price fell to $173,000 in September, the same level it was at in September last year, from $176,000 in August.

They show that the number of houses sold nationally fell from 6,976 worth $1.45 billion in August to 5,604 worth $1.17 billion in September but was higher than the 5,071 houses sold in September last year. Woodley says the year-on-year measure is often more important than the monthly comparisons.

On a regional basis, six of the 11 regions saw the September median price rise from August while it fell in the other five. Compared with September last year, the median price was higher in all but three of the 11 regions.

Compared with August, activity fell in all regions except Southland where the 217 houses sold in September just eclipsed the 216 sold in August. Compared with September last year, activity was higher in all 11 regions.

 

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR SEPTEMBER 2000-2001
REGION SEPT 00 AUG 01 SEPT 01
Northland 140,000 147,500 135,000
Auckland 242,000 240,000 249,000
Waikato/BOP/Gisborne 154,000 161,000 158,000
Hawkes Bay 130,000 123,861 132,500
Manawatu/Wanganui 94,500 103,000 107,000
Taranaki 94,000 95,000 105,000
Wellington 190,500 200,000 185,000
Nelson/Marlborough 140,750 147,750 150,000
Canterbury/Westland 135,000 136,000 142,000
Otago 105,000 101,000 92,500
Southland 73,500 95,000 83,000
NZ Total $173,000 176,000 173,000
« Top broker stickler for detailHousehold indebtedness rises $240 million »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AMP Home Loans 6.99 5.99 6.29 6.60
AMP Home Loans $200k+ 6.89 5.89 6.19 6.50
AMP Home Loans LVR <80% - - 5.85 6.29
ANZ ▲6.74 6.05 6.49 6.65
ANZ LVR > 90 ▲6.74 6.55 6.99 7.15
ANZ Special - - 6.09 -
ASB Bank ▲6.75 6.09 6.40 6.65
ASB Bank Special - 5.95 - -
BankDirect ▲6.75 6.09 6.99 6.65
BankDirect Special - 5.95 - -
BNZ - Classic - - - 6.25
Lender Flt 1yr 2yr 3yr
BNZ - GlobalPlus 6.49 5.99 6.39 6.59
BNZ - Mortgage One 6.90 - - -
BNZ - Rapid Repay 6.49 - - -
BNZ - Std, FlyBuys 6.49 5.99 6.39 6.59
BNZ - TotalMoney 6.49 - - -
Credit Union Auckland 6.70 - - -
Credit Union Baywide 6.10 5.90 6.50 -
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
Lender Flt 1yr 2yr 3yr
First Credit Union 6.45 - - -
General Finance 5.95 6.25 6.50 7.10
HBS Bank 6.15 5.85 6.20 6.25
HBS Special - - - 5.95
Heartland 6.45 6.75 7.00 7.60
Heretaunga Building Society 6.25 5.85 6.50 -
Housing NZ Corp 6.50 6.00 6.30 6.60
HSBC Premier 6.59 5.95 5.99 6.25
HSBC Premier LVR > 80% - - - -
HSBC Special - 5.85 5.85 5.85
Kiwibank 6.40 5.99 6.29 6.29
Lender Flt 1yr 2yr 3yr
Kiwibank - Capped 5.65 6.50 - -
Kiwibank - Offset 6.30 - - -
Kiwibank LVR > 80% - - 5.85 6.29
Liberty 5.64 - - -
Napier Building Society 5.80 6.00 6.70 -
Nelson Building Society ▲6.95 ▲6.15 6.60 -
NZ Home Loans 6.35 6.09 6.40 6.65
Perpetual Trust 7.70 - - -
RESIMAC - lo doc 7.34 7.06 7.38 7.82
RESIMAC LVR < 80% 6.34 6.06 6.38 6.82
RESIMAC LVR < 85% 7.34 7.06 7.38 7.82
Lender Flt 1yr 2yr 3yr
RESIMAC LVR < 90% 8.34 8.06 8.38 8.82
SBS Bank 6.15 5.85 6.20 6.25
SBS Bank Special - - - 5.95
Silver Fern 5.95 6.10 6.55 7.05
Sovereign ▲6.85 6.09 6.40 6.65
Sovereign Special - 5.95 - -
The Co-operative Bank 6.45 6.00 6.00 6.25
TSB Bank 6.49 6.00 6.19 6.60
TSB Special - - 5.80 -
Wairarapa Building Society 6.20 5.75 5.95 -
Westpac 6.24 6.09 6.39 6.65
Lender Flt 1yr 2yr 3yr
Westpac - Capped rates - 6.49 6.99 -
Westpac - Offset 6.24 - - -
Westpac Special - 5.95 - -
Median 6.45 6.00 6.39 6.60

Last updated: 25 July 2014 10:55am

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