tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, December 6th, 6:21PM

Mortgages

Mortgage Rates Daily Commentary
Thursday 5 December 2024  Add your comment
Bank of mum and dad alive and well; Danger OCR might need to be hiked in 2026

Nearly one in three parents of children wanting to buy their first home can afford to help them with their mortgages. [READ ON]

Potential mortgage borrowers might need to get their new homes of investment properties in the next year as Westpac says there is a risk the RBNZ might cut the OCR too far and start raising rates again in 2026. [See here]

 

rss
Latest Headlines

Housing market buoyant in January

The housing market got off to a spanking start in 2003 with both the number of sales and the national median house price rising in January.

Wednesday, February 26th 2003, 3:07AM

by Jenny Ruth

The latest Real Estate Institute figures show there were 8,159 homes sold in the month, up from 7,766 in December and 6,771 in January 2002. While that was below the record 9,932 homes sold in November, January is traditionally a slow month.

The national median price rose to $193,400 from $192,000 and compares with $175,000 in January 2002, a 10.5% increase. That was also below November’s record $195,000.

Institute president Graeme Woodley says the figures show a much more liquid market than in the last two years which is supported by "encouraging growth, stable interest rates, strong consumer confidence and positive migration trends."

The Reserve Bank’s Official Cash Rate, from which floating mortgage rates are set, has stood at 5.75% since July last year and economists don’t expect it will change before June this year.

"It is interesting to look back two and three years to January 2001 sales of 4,741 and January 2000 sales of 5,214 in order to realise how much stronger this market is now after a couple of pretty depressed years," Woodley says.

Auckland sales were particularly strong at 2,832 sales in January compared with 2,511 in December and 2,288 in January last year.

But Woodley notes price rises across the main cities are "surprisingly uniform" and tend to negate suggestions that Auckland is driving the rise in the national median price.

While the median Auckland price rose 11.02% in the year, Wellington wasn’t far behind with 9.94% growth, the Canterbury/Westland median price was up 11.42% and Otago’s was up 12.24%.

Compared with December, the median price rose in five of the country’s 11 regions and fell in five while Otago’s was unchanged. Prices in all regions were up compared with January last year.

The number of sales rose in seven of the regions compared with December and fell in the other four, but sales activity in all 11 regions was up on January last year.

Total dwellings median price comparisons for January 2000 - 2003

REGION

Jan 00

Jan 01

Jan 02

Dec 02

Jan 03

Northland

171,250

149,000

160,000

167,500

168,000

Auckland

230,000

240,000

245,000

267,500

272,000

Waikato/BOP/Gisborne

159,500

160,500

165,000

176,000

173,000

Hawkes Bay

125,000

136,000

135,000

156,250

145,000

Manawatu/Wanganui

99,250

105,000

98,250

102,000

99,750

Taranaki

93,000

106,500

100,000

115,000

106,500

Wellington

185,000

195,000

191,000

215,000

210,000

Nelson/Marlborough

140,000

152,000

158,000

175,500

185,000

Canterbury/Westland

147,000

142,000

140,000

151,750

156,000

Otago

95,000

109,000

98,000

110,000

110,000

Southland

72,000

106,000

80,000

87,500

111,000

NZ Total

169,250

175,000

175,000

192,000

193,400

« NZMBA unhappy with Consumer storyBorrow all the money »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.97 5.75 5.69

Last updated: 6 December 2024 9:11am

Previous News

MORE NEWS»

News Bites
Compare Mortgage Rates
Compare
From
To
For

To graph multiple lenders, hold down Ctrl key while clicking in list box

Also compare rates to OCR
Find a Mortgage Broker

Add your company

Use map
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com