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Mortgage Rates Daily Commentary
Thursday 2 May 2024
Adviser's share of BNZ's new lending dipped; Mortgage arrears up and still rising slowly Mortgage advisers accounted for slightly less of Bank of New Zealand's new mortgages in the six months ended March compared with the previous September half year , but adviser share of the overall portfolio continues to grow. [READ ON]
Mortgage arrears continue to climb from recent lows and are expected to rise 0.7% by the end of the year, up from 0.5%, the Reserve Bank’s latest Financial Stability Report shows. [Find out]
Strong housing market stabilises in April
The latest house sales figures from the Real Estate Institute suggest the still very strong housing market is stabilising after dramatic growth since late last year.
Wednesday, May 22nd 2002, 5:52PM
by Jenny Ruth
The latest
house sales figures from the Real Estate Institute suggest the
still very strong housing market is stabilising after dramatic
growth since late last year.
The median house price rose from $186,000
in March to $189,000 in April while the number of homes sold fell
from 9,742 in March to 9,224 in April.
That’s still 6.2% up on the $178,000
median house price in April 2001 while activity is 41.8% up on
the 6,506 homes sold in April last year.
Real Estate Institute president Rex Hadley
says sales volume was the highest for the month of April since
his organisation began collecting these figures in 1988.
"Given the recent level of activity
and nationwide improvement in property values, it is pleasing
to see the market begin to stabilise. This is essential, in order
to avoid the boom/bust environment seen in the past, and as a
result the residential market has set a path for steady, sustainable
growth," Hadley says.
The easing in activity between March and
April is largely a seasonal trend rather than a reflection of
rising interest rates, he says. The Reserve Bank has raised its
official cash rate (OCR) from 4.75% to 5.5% so far this year.
April’s transactions were worth $2.18
billion, down from $2.24 billion in March but well up on the $1.43
billion recorded in April last year.
The institute’s figures show that activity
in all of the 11 regions measured improved in April compared with
April last year. Activity abated in seven of the regions but increased
in the other four.
The median house price rose in nine of the
11 regions in April compared with April last year but fell in
Taranaki and Southland. Compared with March, the median house
price rose in seven of the regions but fell in Northland, Hawkes
Bay, Taranaki and Otago.
In the key Auckland market, which is likely
to be among the Reserve Bank’s major inflation concerns,
the number of homes sold in April eased to 3,379 from 3,708 in
March but were well up on the 2,360 sold in April last year.
But Auckland’s median house price continued
to rise from $248,500 in April last year, $262,500 in March this
year and $265,000 in April this year.
- REINZ PROPERTY MARKET
REPORT
- TOTAL DWELLINGS MEDIAN
PRICE
- COMPARISONS FOR APRIL
2000-2002
REGION |
APRIL 00 |
APRIL 01 |
March 02 |
APRIL 02 |
Northland |
157,000 |
150,000 |
176,000 |
155,000 |
Auckland |
242,000 |
248,500 |
262,500 |
265,000 |
Waikato/BOP/Gisborne |
157,000 |
165,000 |
156,500 |
169,000 |
Hawkes
Bay |
125,000 |
128,000 |
137,500 |
131,100 |
Manawatu/Wanganui |
100,750 |
109,000 |
110,000 |
115,000 |
Taranaki |
108,000 |
106,500 |
115,750 |
105,750 |
Wellington |
190,000 |
195,000 |
205,000 |
212,000 |
Nelson/Marlborough |
146,250 |
147,500 |
157,000 |
167,750 |
Canterbury/Westland |
140,000 |
135,000 |
141,000 |
146,000 |
Otago |
100,000 |
99,250 |
107,000 |
105,000 |
Southland |
103,500 |
96,000 |
79,750 |
82,000 |
NZ
Total |
$177,000 |
$178,000 |
$186,000 |
$189,000 |
Commenting is closed
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Mortgage Rates Table
Full Rates Table | Compare Rates
Lender |
Flt |
1yr |
2yr |
3yr |
AIA - Back My Build |
6.19 |
- |
- |
- |
AIA - Go Home Loans |
8.74 |
7.24 |
6.75 |
6.65 |
ANZ |
8.64 |
▼7.74 |
7.39 |
7.25 |
ANZ Blueprint to Build |
7.39 |
- |
- |
- |
ANZ Good Energy |
- |
- |
- |
1.00 |
ANZ Special |
- |
▼7.14 |
6.79 |
6.65 |
ASB Bank |
8.64 |
7.24 |
6.75 |
6.65 |
ASB Better Homes Top Up |
- |
- |
- |
1.00 |
Avanti Finance |
9.15 |
- |
- |
- |
Basecorp Finance |
9.60 |
- |
- |
- |
Bluestone |
9.24 |
- |
- |
- |
Lender |
Flt |
1yr |
2yr |
3yr |
BNZ - Classic |
- |
7.24 |
6.79 |
6.65 |
BNZ - Green Home Loan top-ups |
- |
- |
- |
1.00 |
BNZ - Mortgage One |
8.69 |
- |
- |
- |
BNZ - Rapid Repay |
8.69 |
- |
- |
- |
BNZ - Std, FlyBuys |
8.69 |
7.84 |
7.39 |
7.25 |
BNZ - TotalMoney |
8.69 |
- |
- |
- |
CFML Loans |
9.45 |
- |
- |
- |
China Construction Bank |
- |
7.09 |
6.75 |
6.49 |
China Construction Bank Special |
- |
- |
- |
- |
Co-operative Bank - First Home Special |
- |
7.04 |
- |
- |
Co-operative Bank - Owner Occ |
8.40 |
7.24 |
6.79 |
6.65 |
Lender |
Flt |
1yr |
2yr |
3yr |
Co-operative Bank - Standard |
8.40 |
7.74 |
7.29 |
7.15 |
Credit Union Auckland |
7.70 |
- |
- |
- |
First Credit Union Special |
- |
7.45 |
7.35 |
- |
First Credit Union Standard |
8.50 |
7.99 |
7.85 |
- |
Heartland Bank - Online |
7.99 |
6.89 |
6.55 |
6.35 |
Heartland Bank - Reverse Mortgage |
- |
- |
- |
- |
Heretaunga Building Society |
8.90 |
7.60 |
7.40 |
- |
HSBC Premier |
8.59 |
- |
- |
- |
HSBC Premier LVR > 80% |
- |
- |
- |
- |
HSBC Special |
- |
- |
- |
- |
ICBC |
7.85 |
7.05 |
6.75 |
6.59 |
Lender |
Flt |
1yr |
2yr |
3yr |
Kainga Ora |
8.64 |
7.79 |
7.39 |
7.25 |
Kainga Ora - First Home Buyer Special |
- |
- |
- |
- |
Kiwibank |
8.50 |
8.25 |
7.79 |
7.55 |
Kiwibank - Offset |
8.50 |
- |
- |
- |
Kiwibank Special |
- |
7.25 |
6.79 |
6.65 |
Liberty |
8.59 |
8.69 |
8.79 |
8.94 |
Nelson Building Society |
9.00 |
7.75 |
7.35 |
- |
Pepper Money Advantage |
10.49 |
- |
- |
- |
Pepper Money Easy |
8.69 |
- |
- |
- |
Pepper Money Essential |
8.29 |
- |
- |
- |
Resimac - LVR < 80% |
8.84 |
8.09 |
7.59 |
7.29 |
Lender |
Flt |
1yr |
2yr |
3yr |
Resimac - LVR < 90% |
9.84 |
9.09 |
8.59 |
8.29 |
Resimac - Specialist Clear (Alt Doc) |
- |
- |
8.99 |
- |
Resimac - Specialist Clear (Full Doc) |
- |
- |
9.49 |
- |
SBS Bank |
8.74 |
7.84 |
7.29 |
6.59 |
SBS Bank Special |
- |
7.24 |
6.69 |
5.99 |
SBS Construction lending for FHB |
- |
- |
- |
- |
SBS FirstHome Combo |
6.19 |
6.74 |
- |
- |
SBS FirstHome Combo |
- |
- |
- |
- |
SBS Unwind reverse equity |
9.95 |
- |
- |
- |
Select Home Loans |
9.24 |
- |
- |
- |
TSB Bank |
9.44 |
▼7.79 |
7.55 |
7.45 |
Lender |
Flt |
1yr |
2yr |
3yr |
TSB Special |
8.64 |
▼6.99 |
6.75 |
6.65 |
Unity |
8.64 |
6.99 |
6.79 |
- |
Unity First Home Buyer special |
- |
6.55 |
6.45 |
- |
Wairarapa Building Society |
8.60 |
6.95 |
6.85 |
- |
Westpac |
8.64 |
7.89 |
7.35 |
7.25 |
Westpac Choices Everyday |
8.74 |
- |
- |
- |
Westpac Offset |
8.64 |
- |
- |
- |
Westpac Special |
- |
7.29 |
6.75 |
6.65 |
Median |
8.64 |
7.27 |
7.29 |
6.65 |
Last updated: 3 May 2024 9:11am Previous News
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