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Mixed outlook for regional housing markets

Another surge in building activity in Tauranga and Auckland may have a dampening effect on those regions in the near future. Meanwhile, Wellington has shown up as the least confident region in ASB Bank's latest housing survey.

Tuesday, December 7th 1999, 12:00AM

by Paul McBeth

Another surge in building activity in Tauranga and Auckland may have a dampening effect on those regions in the near future, although they should continue to be among the fastest growing regions in the long term.

In ASB Bank's latest quarterly housing survey, economist Rozanna Wozniak said that excess supply has already affected the housing markets in Tauranga and Auckland in the past year to 18 months. The number of dwelling consents issued in Auckland for the three months to October was more than double than in the same period last year - she said the effect on house prices would depend on whether this trend continued and for how long.

Meanwhile, further down the North Island, the Capital showed up as the least confident region during the period surveyed.

Wozniak said the rapid growth in Wellington house prices could be dampening confidence. However, at least for the time being, a stronger national economy and continued buoyancy in the regional economy should provide support for the city's housing market.

"However, Wellingtonians should be cautious about relying on the short-term capital gains the city's residential property market has enjoyed in recent years."

Housing trends: quarterly percentage change in Quotable Value New Zealand's house price index

 

June qtr 1998

Sept qtr 1998

Dec qtr 1998

Mar qtr 1999

June qtr 1999

Sept qtr 1999

Auckland urban

-3.8

-1.7

2.9

1.6

0.5

n.a.

Wellington area

-1.4

-0.4

2.9

3.2

1.5

1.6

Hamilton City

-2.4

-3.3

1.4

-0.4

0.1

0.6

Christchurch City

-3.0

-1.1

0.3

1.4

0.4

0.5

NZ, 1/4ly %age change

-2.9

-1.7

2.0

1.6

0.6

0.0*

NZ, annual %age change

-1.8

-4.1

-3.6

-1.0

2.5

4.2*

* data excludes Auckland urban area, which was not available

Source: Quotable Value NZ (QV), used in the ASB Bank October 1999 quarterly housing survey. All QV data is provisional

Paul is a staff writer for Good Returns based in Wellington.

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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 7.14 6.75 6.39
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 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
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 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

Last updated: 15 July 2024 11:47am

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