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Mortgages

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Hope for housing market

Even though house sales for the year to February were the lowest 12-month total since November 1992, there are growing signs that the market has bottomed out.

Monday, March 26th 2001, 12:44PM

by Paul McBeth

Even though house sales for the year to February were the lowest 12-month total since November 1992, there are growing signs that the market has bottomed out.

We referred to the positive figures for housing last week (click here for that story), when February sales figures showed a distinct pick-up. BNZ points out that sales over the last three months (in rough seasonally adjusted terms) were up seven per cent on the previous three months. The bank also notes that the annual rate of decline has been easing recently to an average 4.4 per cent in the past quarter from -17.5 per cent in the three months to November.

Overall household borrowing has also begun to rise, with lending up 1.1 per cent in February after a 0.2 per cent fall in January. There was $300 million worth of new lending to households last month, $39 million more than February 2000 and the first month to top the previous year's total since October 1999.

However, not all that lending is for mortgages. Splitting it into housing and non-housing, the housing growth rate was down slightly from 5.6 per cent in January to 5.5 per cent in February.

But back to those February house sales. More homes and sections were sold than the previous month in ten out of eleven regions, adding up to a national total of 6,182 (compared with 4,741 sales in January). The median sales price nation-wide eased slightly, down $1,500 from January to $173,500.

Median sales prices for each region were as follows:

Region

February 2000

January 2001

February 2001

Northland

$131,000

$149,000

$156,000

Auckland

$240,000

$240,000

$247,000

Waikato/BOP/Gisborne

$156,000

$160,500

$163,000

Hawkes Bay

$127,000

$136,000

$128,000

Manawatu/Wanganui

$112,000

$105,000

$113,000

Taranaki

$112,500

$106,500

$100,000

Wellington

$184,000

$195,000

$189,050

Nelson/Marlborough

$145,750

$152,000

$146,500

Canterbury/Westland

$141,250

$142,000

$147,000

Otago

$96,000

$109,000

$101,500

Southland

$82,750

$106,000

$79,000

New Zealand total

$171,000

$175,000

$173,500

Total dwellings: median price comparisons. Figures from the Real Estate Institute of New Zealand

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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