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Median house prices on the rise

A correction for Wellington, stability for Auckland but a rise in the national median have shown through in March house price statistics.

Tuesday, April 25th 2000, 12:00AM

by Paul McBeth

A correction for Wellington house prices, stability for Auckland but a rise in the national median have shown through in March sale price statistics.

The Real Estate Institute said that the national median price for March was $175,000, compared with $171,000 in February and $168,000 in March 1999. The Institute has continued to plug investment in residential property, poking a stick at the recent sharemarket correction and welcoming Deputy Prime Minister Jim Anderton’s comments that interest rate rises should be avoided.

The March figures show:

  • Wellington's median sale price fell from $184,000 in February to $179,000, after a sustained rise since early 1999.
  • Prices also fell in Hawkes Bay, down from $127,000 in February to $121,750.
  • Auckland had a median of $240,000 in February, March and in March 1999.
  • Section prices and sales were higher. The national median was $78,500 ($77,000 in February) and 605 were sold (494).
  • Total dwellings: median price comparisons

    Region

    March 1997

    March 1998

    March 1999

    February 2000

    March 2000

    Northland

    $127,000

    $140,000

    $145,000

    $131,000

    $150,000

    Auckland

    $235,000

    $235,563

    $240,000

    $240,000

    $240,000

    Waikato/BOP/Gisborne

    $145,000

    $145,000

    $153,500

    $156,000

    $163,000

    Hawkes Bay

    $120,500

    $126,000

    $127,000

    $127,000

    $121,750

    Manawatu/Wanganui

    $105,000

    $100,000

    $96,000

    $112,000

    $106,500

    Taranaki

    $95,000

    $100,000

    $99,500

    $112,500

    $112,500

    Wellington

    $155,000

    $165,000

    $170,000

    $184,000

    $179,000

    Nelson/Marlborough

    $135,000

    $147,750

    $142,000

    $145,750

    $150,000

    Canterbury/Westland

    $135,000

    $145,000

    $140,000

    $141,250

    $150,000

    Otago

    $101,000

    $92,000

    $100,000

    $96,000

    $100,000

    Southland

    $78,000

    $70,000

    $72,500

    $82,750

    $78,000

    New Zealand

    $164,000

    $165,000

    $168,000

    $171,000

    $175,000

    Data from the Real Estate Institute of New Zealand

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

    « Reserve Bank sets scene for mortgage rate risesHome affordability continues to wane »

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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 6.79 6.65
    ANZ 8.64 7.84 7.39 7.25
    ANZ Blueprint to Build 7.39 - - -
    ANZ Good Energy - - - 1.00
    ANZ Special - 7.24 6.79 6.65
    ASB Bank 8.64 7.24 6.79 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 6.69 6.45 6.19
    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 7.45 7.25
    SBS Bank Special - 7.24 6.85 6.65
    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 8.04 7.55 7.45
    Lender Flt 1yr 2yr 3yr
    TSB Special 8.64 7.24 6.75 6.65
    Unity 8.64 6.99 6.79 -
    Unity First Home Buyer special - - 6.45 -
    Wairarapa Building Society 8.60 6.95 6.85 -
    Westpac 8.64 7.89 7.49 7.25
    Westpac Choices Everyday 8.74 - - -
    Westpac Offset 8.64 - - -
    Westpac Special - 7.29 6.89 6.65
    Median 8.64 7.29 7.32 6.65

    Last updated: 28 March 2024 9:42am

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