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Homes less affordable

Nation-wide home affordability has dropped by 25.8 per cent over the year to June, the steepest national decline in almost five years.

Sunday, July 30th 2000, 12:00AM

by Paul McBeth

Nation-wide home affordability has dropped by 25.8 per cent over the year to June, the steepest national decline in almost five years.

That's just one of the findings of the latest AMP Banking Home Affordability Survey. Softening house prices in most regions also failed to offset higher mortgage rates, meaning that affordability has now declined for the fourth quarter in a row.

AMP Banking's Marketing Manager, Karen Clough, said the decline in home affordability had largely been driven by gradual increases in mortgage rates.

"Reversal of this trend will result in a return of market confidence and an improvement in home affordability."

While homes in eight of the 11 regions surveyed became less affordable in the June quarter, three showed an overall improvement thanks to lower median house prices. These were Taranaki (10.5 per cent more affordable), Manawatu/Wanganui (4.8 per cent) and Southland (3.4 per cent).

The affordability survey is prepared quarterly for AMP Banking by Massey University's Real Estate Analysis Unit. It has been conducted since 1988 and combines data on housing prices, mortgage interest rates and average weekly earnings to produce a home mortgage affordability index.

 

Home mortgage affordability

(the lower the index figure, the greater the affordability)

Region

Index figure:

Feb 2000

Index figure:

May 2000

Percentage decline over last 12 mths

Northland

15.95

17.52

5.70%

Auckland

26.16

27.39

26.42%

Waikato/BOP

18.87

20.24

20.30%

Hawkes Bay

15.60

15.97

15.04%

Manawatu/Wanganui

14.15

13.46

18.87%

Taranaki

12.88

11.53

19.75%

Wellington

18.88

20.13

33.29%

Nelson

16.48

17.41

23.70%

Canterbury/Westland

17.10

18.84

31.33%

Otago

11.62

13.16

46.75%

Southland

9.50

9.18

23.34%

New Zealand

19.39

20.79

25.79%

Data from the AMP Banking Home Affordability report, prepared by Massey University's Real Estate Analysis Unit. For more information, click here

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 7.24 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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