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Strong housing market stabilises in April

The latest house sales figures from the Real Estate Institute suggest the still very strong housing market is stabilising after dramatic growth since late last year.

Wednesday, May 22nd 2002, 5:52PM

by Jenny Ruth

The latest house sales figures from the Real Estate Institute suggest the still very strong housing market is stabilising after dramatic growth since late last year.

The median house price rose from $186,000 in March to $189,000 in April while the number of homes sold fell from 9,742 in March to 9,224 in April.

That’s still 6.2% up on the $178,000 median house price in April 2001 while activity is 41.8% up on the 6,506 homes sold in April last year.

Real Estate Institute president Rex Hadley says sales volume was the highest for the month of April since his organisation began collecting these figures in 1988.

"Given the recent level of activity and nationwide improvement in property values, it is pleasing to see the market begin to stabilise. This is essential, in order to avoid the boom/bust environment seen in the past, and as a result the residential market has set a path for steady, sustainable growth," Hadley says.

The easing in activity between March and April is largely a seasonal trend rather than a reflection of rising interest rates, he says. The Reserve Bank has raised its official cash rate (OCR) from 4.75% to 5.5% so far this year.

April’s transactions were worth $2.18 billion, down from $2.24 billion in March but well up on the $1.43 billion recorded in April last year.

The institute’s figures show that activity in all of the 11 regions measured improved in April compared with April last year. Activity abated in seven of the regions but increased in the other four.

The median house price rose in nine of the 11 regions in April compared with April last year but fell in Taranaki and Southland. Compared with March, the median house price rose in seven of the regions but fell in Northland, Hawkes Bay, Taranaki and Otago.

In the key Auckland market, which is likely to be among the Reserve Bank’s major inflation concerns, the number of homes sold in April eased to 3,379 from 3,708 in March but were well up on the 2,360 sold in April last year.

But Auckland’s median house price continued to rise from $248,500 in April last year, $262,500 in March this year and $265,000 in April this year.

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

REGION APRIL 00 APRIL 01 March 02 APRIL 02
Northland 157,000 150,000 176,000 155,000
Auckland 242,000 248,500 262,500 265,000
Waikato/BOP/Gisborne 157,000 165,000 156,500 169,000
Hawkes Bay 125,000 128,000 137,500 131,100
Manawatu/Wanganui 100,750 109,000 110,000 115,000
Taranaki 108,000 106,500 115,750 105,750
Wellington 190,000 195,000 205,000 212,000
Nelson/Marlborough 146,250 147,500 157,000 167,750
Canterbury/Westland 140,000 135,000 141,000 146,000
Otago 100,000 99,250 107,000 105,000
Southland 103,500 96,000 79,750 82,000
NZ Total $177,000 $178,000 $186,000 $189,000

« Long term rates drop and short ones upHousing due to peak soon »

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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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