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Mortgage Rates Daily Commentary
Thursday 18 April 2024
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Median house price leap
As if to vindicate Reserve Bank governor Don Brash’s decision to raise interest rates, the latest real estate sales figures show the median house price at a record in February and sales activity at its strongest since March 1996.
Wednesday, March 20th 2002, 6:12PM
by Jenny Ruth
The median house price jumped from $175,000
in January to $186,000 in February. That’s 7.2% higher than
the $173,500 median price recorded in February last year. While
sales activity has been strong for several months, this is the
first clear sign of house price inflation.
The number of homes sold in February jumped
to 8,733 compared with 6,771 in the traditionally slow January
month and well up on the 6,182 sold in February last year.
Earlier today, Brash raised his official
cash rate (OCR) from 4.75% to 5%, citing the strength of the housing
market as one of his concerns.
Real Estate Institute president Rex Hadley
says "the entire real estate industry will be thrilled"
with these figures, but they aren’t surprising in the current
economic environment.
"Residential property has always provided
a ‘snapshot’ of the public’s attitude to the economic
environment." Among the positive influences are positive
net migration, still relatively low interest rates, increasing
job opportunities and significant wages growth, Hadley says.
Nevertheless, he says it would be unwise
to expect that sales volume or the median price will stay at these
levels through 2002, even though he expects the economy to grow
strongly.
February’s transactions were worth
$1.97 billion, well up on the $1.41 billion worth of residential
property sold in January.
The institute’s figures show that activity
in all of the 11 regions measured improved in February from both
January and from February last year.
But the median house price fell in two regions,
Northland and Nelson/Marlborough, in February compared with January,
rising in the other nine regions. Compared with February last
year, the median price fell in Northland and Canterbury/Westland
while rising in the other nine regions.
In the key Auckland market, which is likely
to be among Brash’s major inflation concerns, the number
of homes sold jumped from 1,895 in February last year and 2,288
in January to 3,120 this February.
While Auckland’s median house price
fell from $247,000 in February last year to $245,000 in January,
in February this year it jumped to $258,000.
- TOTAL DWELLINGS MEDIAN PRICE
- COMPARISONS FOR FEBRUARY
2000-2002
REGION |
FEB00 |
FEB01 |
JAN02 |
FEB02 |
Northland |
131,000 |
156,000 |
160,000 |
155,000 |
Auckland |
240,000 |
247,000 |
245,000 |
258,000 |
Waikato/BOP/Gisborne |
156,000 |
163,000 |
165,000 |
166,000 |
Hawkes Bay |
127,000 |
128,000 |
135,000 |
138,000 |
Manawatu/Wanganui |
112,000 |
113,000 |
98,250 |
114,000 |
Taranaki |
112,500 |
100,000 |
100,000 |
105,250 |
Wellington |
184,000 |
189,050 |
191,000 |
200,000 |
Nelson/Marlborough |
145,750 |
146,500 |
158,000 |
147,500 |
Canterbury/Westland
(incl Sth Canterbury) |
141,250 |
147,000 |
140,000 |
145,000 |
Otago |
96,000 |
101,500 |
98,000 |
109,500 |
Southland |
82,750 |
79,000 |
80,000 |
85,500 |
NZ Total |
$171,000 |
173,500 |
$175,000 |
$186,000 |
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
-
Thursday, September 28th, 9:00AM
RBNZ announces OCR decision
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Tuesday, August 1st, 11:19AM
SBS eyes partnership with mortgage advisers
-
Thursday, June 22nd, 9:00AM
OCR held again - here's what RBNZ had to say
-
Thursday, May 11th, 10:26AM
Surprise at RBNZ’s OCR outlook
-
Thursday, May 11th, 9:00AM
No change to OCR: What RB said today
-
Monday, May 8th, 6:00AM
Focus on tone, not content, of OCR call this week
-
Tuesday, May 2nd, 11:10AM
ANZ half-year profit jumps
-
Monday, April 24th, 10:23AM
Local flavour makes for bank winners
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