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Real Estate Institute figures

New Zealand's median house price in March held to its record reached in February and sales activity jumped to its highest level in six years.

Monday, April 22nd 2002, 5:27PM

by Jenny Ruth

New Zealand's median house price in March held to its record reached in February and sales activity jumped to its highest level in six years.

As well, real estate agents report a high level of inquiries from would-be buyers but claim a shortage of listings nationwide. That suggests the Reserve Bank's first tightening on the interest rate front did little to discourage the housing market.

It first raised its official cash rate from 4.75% to 5% on 20 March and then again to 5.25% last Wednesday.

Real Estate Institute figures show the median house price in March was $186,000, the same as in February, but was significantly about the $173,800 median price recorded in March last year.

The number of homes sold in March jumped to 9,742, up from 8773 in February and 6,659 in March last year. The last time the national sales activity was higher was in March 1996 when 10,056 homes sold.

March's transactions were worth $2.24 billion, up from $1.97 billion in February $1.39 billion in March last year.

Real Estate Institute president Rex Hadley says the high sales volume is in part a seasonal trend. "March is traditionally one of the most active months for real estate transactions and 2002 is no different," although clearly transactions have increased, he says. He says the improvement by 3,083 sales from March last year "bodes well for the residential housing market in 2002."

Nevertheless, he sees the current high level of inquiry being due to people trying to take advantage of current relatively low interest rates before they rise too much.

Deutsche Bank senior economist Darren Gibbs doesn't think the current level of activity will be sustained. He notes the number of house sales in March was 18% higher than the historic average, although it's still 7% below the peak reached in the mid-1990s boom.

All 11 of the regions the institute measures showed higher sales activity compared with last March.

The rise in prices was much less universal. The median house price rose in five of the regions, Auckland, Northland, Taranaki, Nelson/Marlborough, and Wellington, and fell in the other six regions compared with February.

Compared with March last year, the median price rose in eight of the regions and fell in Waikato/Bay of Plenty/Gisborne, Canterbury and Southland.

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE
COMPARISONS FOR MARCH 2000-2002

REGION

MARCH 00

MARCH 01

FEB 02

MARCH 02

Northland

150,000

146,500

155,000

176,000

Auckland

240,000

248,500

258,000

262,500

Waikato/BOP/Gisborne

163,000

160,000

166,000

156,500

Hawkes Bay

121,750

130,000

138,000

137,500

Manawatu/Wanganui

106,500

106,000

114,000

110,000

Taranaki

112,500

105,000

105,250

115,750

Wellington

179,000

190,000

200,000

205,000

Nelson/Marlborough

150,000

150,000

147,500

157,000

Canterbury/Westland

150,000

149,000

145,000

141,000

Otago

100,000

95,250

109,500

107,000

Southland

78,000

85,000

85,500

79,750

NZ Total

$175,000

$173,800

$186,000

$186,000

« Time to fix or stick to floating rates?March housing consents up, but still below last peak »

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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 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
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 7.15 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: 14 March 2024 9:32am

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