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House sales high, prices static

The housing market’s buoyancy continued in August when the highest number of sales ever for that month were recorded.

Friday, September 27th 2002, 2:14AM

by Jenny Ruth

The Real Estate Institute reports 8,036 homes changed hands in August, up from 7,795 in July – that was a record number of sales for the month of July too. August’s sales compare with 6,976 sold in August last year and 5,489 sold in August 2000.

Price-wise, there wasn’t too much to worry the Reserve Bank. The median house price was unchanged from July at $185,000 and was from April’s record $189,000.

"While demand for good properties remains strong, and many areas are reporting a shortage of listings, buyers and sellers are being realistic about housing prices," says newly appointed institute president Graeme Woodley.

Stability in the mortgage market, confidence in property as an investment and continuing positive net migration are all underpinning the residential property market he says.

In mid-August, the Reserve Bank left its Official Cash Rate unchanged at 5.75% after raising it from 4.75% since the beginning of the year.

The latest figures show activity rose in six of the 11 regions in August compared with July and in eight of the regions compared with August last year – Wellington activity levels were unchanged while the number of homes sold in Northland and Manawatu/Wanganui dropped.

The median house price rose in five of the regions in August compared with July and in eight of the regions compared with August last year. The Wellington median price was unchanged at $200,000 compared with August last year while the median price in Otago fell slightly and in Southland dropped from $95,000 to $77,000.

In the key Auckland market, the median house price rose from $259,000 in July to $264,000 in August and was up from $240,000 in August last year. The number of Auckland houses sold rose slightly from 2,867 in July to 2,873 in August and was up from 2,458 in August last year.

TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR 1996 – 2002

Region

Aug 02

July 02

AUG 01

AUG 00

Northland

155,000

141,500

147,500

137,500

Auckland

264,000

259,000

240,000

235,000

Waikato/BOP/Gisborne

165,000

167,000

161,000

155,500

Hawkes Bay

134,250

138,000

123,861

135,000

Manawatu/Wanganui

112,000

99,000

103,000

95,000

Taranaki

110,000

111,000

95,000

93,000

Wellington

200,000

205,000

200,000

188,500

Nelson/Marlborough

150,010

156,000

147,750

136,875

Canterbury/Westland

147,750

141,000

136,000

143,000

Otago

100,000

106,750

101,000

99,500

Southland

77,000

76,000

95,000

73,000

NZ Total

185,000

185,000

176,000

170,000

« NZ could avoid housing bubble burstWizard takes Kiwibank to the Commission »

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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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