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House prices hold up

Friday, June 21st 2002, 8:06AM

by Jenny Ruth

Neither the traditional winter slowdown nor the impact of rising interest rates is particularly evident in the housing market, the latest Real Estate Institute figures suggest.

The volume of house sales did slow slightly from 9,224 in April to 9061 in May but the May figures are a massive 40% higher than the number sold in May last year.

The national median house price also fell slightly from $189,000 in April to $188,000 in May but the May price is 10.6% higher than the May last year price of $170,000.

The Reserve Bank has raised its Official Cash Rate three times this year from 4.75% to 5.5% and the major home lending banks have raised their floating mortgage rates from 6.7% to 7.75%.

Real Estate Institute president Rex Hadley says the institute is very pleased with the level of activity in the market.

"On a region by region basis, both sales and values have improved throughout New Zealand, with all 11 regions showing increases in activity and median sale price on the same period last year," Hadley says.

May’s transactions were worth $2.1 billion, down from $2.18 billion in April but almost double the $1.31 billion in sales in May last year.

The institute’s figures show the median price rose in five of the regions compared with April while activity rose in four of the regions.

In the key Auckland market, which is likely to be among the Reserve Bank’s major inflation concerns, the number of homes sold in May eased to 3,268 from 3,379 in April but was well up on the 2,110 homes sold in May last year.

And Auckland’s median house price continued to rise from $265,000 in April to $266,000 in May which is 13.2% higher than the $235,000 recorded in May last year.

 

Table 1 Total Dwellings median price comparisons for May 00-02

REGION

MAY 00

MAY 01

APRIL 02

MAY 02

Northland

135,000

152,500

155,000

170,000

Auckland

237,750

235,000

265,000

266,000

Waikato/BOP/Gisborne

157,000

155,000

169,000

165,000

Hawkes Bay

122,250

123,500

131,100

133,000

Manawatu/Wanganui

100,000

100,000

115,000

104,000

Taranaki

94,500

100,000

105,750

110,000

Wellington

185,000

198,000

212,000

204,000

Nelson/Marlborough

145,000

152,750

167,750

157,500

Canterbury/Westland

146,000

135,000

146,000

139,000

Otago

102,000

94,000

105,000

97,000

Southland

75,000

75,000

82,000

85,000

NZ Total

$172,000

$170,000

$189,000

$188,000

Source: REINZ

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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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