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Mortgage Rates Daily Commentary
Thursday 18 April 2024
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House sales jump in November
November real estate figures provide conclusive evidence that the Reserve Bank’s interest rate medicine is reviving the housing market.
Tuesday, December 18th 2001, 8:32PM
by Jenny Ruth
The number of homes sold in November jumped
to 7,881, the highest level of activity in that month since 1996,
Real Estate Institute figures show. November sales were worth
$1.69 billion, well up on 6,666 worth $1.44 billion sold in October
and the 5,810 worth $1.23 billion sold in November last year.
The Reserve Bank has cut its official cash
rate, which directly influences variable mortgage rates and indirectly
affects longer-term rates, five times this year from 6.5% to 4.75%
with the most recent cut on 14 November.
Institute president Rex Hadley says the
low interest rate environment is a large factor in the rise in
sales.
"The lower interest rates currently
available have allowed a lot more first home buyers to enter the
property market, its incredibly satisfying to see more New
Zealanders be able to fulfil their dream of owning their own home,"
Hadley says.
"The institute has always said that
home ownership is a large part of the New Zealand culture and
I think Novembers figures reflect that. I personally dont
believe that many people prefer to rent," he says. Floating
mortgage rates now range between 6.24% and 6.90%
Reserve Bank Governor Don Brash should also
be pleased that the increased activity hasnt had an inflating
effect on house prices.
The national median house price actually
fell from $179,000 in October to $176,200 in November. That was
still above the $174,000 median house price in November last year.
The institutes figures show that of
the 11 regions measured, activity improved in November in all
compared with October and in all except Northland compared with
November last year. There were 193 homes sold in Northland in
November last year compared with 157 this year.
The median price figures were more ambiguous.
Compared with October, prices rose in five of the 11 regions and
fell in the other six. Compared with November last year, prices
rose in eight regions, fell in two and were unchanged in Manawatu/Wanganui.
- TOTAL DWELLINGS MEDIAN PRICE
- COMPARISONS FOR OCTOBER 2000-2001
-
REGION |
OCT 00 |
SEPT 01 |
OCT 01 |
Northland |
155,500 |
135,000 |
160,000 |
Auckland |
233,000 |
249,000 |
258,000 |
Waikato/BOP/Gisborne |
155,000 |
158,000 |
163,500 |
Hawkes
Bay |
135,500 |
132,500 |
130,000 |
Manawatu/Wanganui |
112,000 |
107,000 |
105,000 |
Taranaki |
100,000 |
105,000 |
100,000 |
Wellington |
190,000 |
185,000 |
195,000 |
Nelson/Marlborough |
149,500 |
150,000 |
147,000 |
Canterbury/Westland |
142,500 |
142,000 |
141,000 |
Otago |
95,500 |
92,500 |
110,500 |
Southland |
90,000 |
83,000 |
89,000 |
NZ Total |
$170,500 |
$173,000 |
$179,000 |
Commenting is closed
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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 |
6.75 |
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 |
6.75 |
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 |
7.35 |
7.25 |
Westpac Choices Everyday |
8.74 |
- |
- |
- |
Westpac Offset |
8.64 |
- |
- |
- |
Westpac Special |
- |
7.29 |
6.75 |
6.65 |
Median |
8.64 |
7.29 |
7.32 |
6.65 |
Last updated: 8 April 2024 9:21am Previous News
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