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The state of the housing market

CoreLogic head of research Jonno Ingerson says the Reserve Bank's lending restrictions are having an impact on the market but property investors are looking for ways around them.

Friday, October 14th 2016, 1:53PM

Ingerson says the bank's requirements for investors to have a 40% deposit when buying has certainly hit the market. Although the restrictions didn't start until October 1, started to impact the market as soon as they were announced several months earlier.

He says buyer demand should be strong at this time in the year as we move through spring and into summer, but  it is now at mid-winter levels.

There are signs that that house prices in Auckland (except Auckland Central) have started to come back. While Auckland is cooling areas surrounding the the city are still strong.

Ingerson says there are signs Auckland investors are using their equity to buy in other areas of the North Island, as far south as Rotorua.

Also investors are looking for ways around the rules. he suggest there is a greater need to spread lending across banks and to consider non-bank lenders like RESIMAC, peer to peer lenders and private lenders.

While the interest rates maybe higher that, arguably, isn't such a big deal as interest rates are current at historical lows and expected to stay that way for some time.

Ingerson says Core Logic research suggests that 41% if property investors are in such strong positions that they don't need a mortgage when buying another property.

Tags: CoreLogic property investment

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.79 4.89 5.29 5.49
ANZ Special - 4.49 4.79 -
ASB Bank 5.80 4.99 5.19 5.49
ASB Bank Special - 4.59 4.79 5.09
BankDirect 5.80 4.99 5.19 5.49
BankDirect Special - 4.59 4.79 5.09
BNZ - Mortgage One 6.50 - - -
BNZ - Rapid Repay 5.95 - - -
BNZ - Special - 4.59 4.79 5.09
BNZ - Std, FlyBuys 5.90 4.99 5.19 5.49
BNZ - TotalMoney 5.90 - - -
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 6.70 - - -
Credit Union Baywide 5.95 4.99 5.25 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 - - -
Heartland 6.70 7.00 7.25 7.85
Heretaunga Building Society ▲5.75 ▲5.00 ▲5.20 -
Housing NZ Corp 5.65 ▲4.89 5.19 5.49
HSBC Premier 5.59 4.19 4.39 4.89
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.70 4.59 4.69 5.09
Kiwibank 5.55 4.99 5.19 5.65
Kiwibank - Capped - - - -
Kiwibank - Offset 5.55 - - -
Kiwibank Special - 4.59 4.79 5.25
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 6.10 5.10 5.45 -
NZ Home Loans 5.80 4.99 5.19 5.49
NZ Home Loans - Specials - - - -
Lender Flt 1yr 2yr 3yr
NZ Home Loans - Specials - 4.59 4.79 5.09
Resimac 5.30 4.86 4.94 5.30
SBS Bank 5.65 4.99 5.19 5.49
SBS Bank Special - ▲4.59 ▲4.79 5.25
Sovereign 5.90 4.99 5.19 5.49
Sovereign Special - 4.59 4.79 5.09
The Co-operative Bank - Owner Occ 5.65 4.59 4.85 5.25
The Co-operative Bank - Standard 5.65 5.09 5.35 5.75
TSB Bank 5.65 4.80 5.15 5.45
TSB Special - 4.55 4.75 5.15
Wairarapa Building Society 5.70 4.85 4.99 -
Lender Flt 1yr 2yr 3yr
Westpac 5.75 4.99 5.19 5.49
Westpac - Capped rates - 5.15 5.25 -
Westpac - Offset 5.75 - - -
Westpac Special - 4.59 4.79 5.09
Median 5.79 4.88 5.17 5.38

Last updated: 24 March 2017 9:44am

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