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Home affordability stablises

A year long trend in declining home affordability has halted, according to the latest Home Affordability Report.

Wednesday, April 23rd 2003, 10:14AM
A year long trend in declining home affordability has halted, according to the latest Home Affordability Report.

For the first time since the end of 2001 the New Zealand Home Affordability Index has shown a quarterly improvement in affordability. The slight improvement of 0.7% in the March quarter comes in the face of record house sales across the country.

Although sales have continued to be strong, house prices have stabilised in the past three months. Another stabilising impact on the home affordability index has been the solidity of interest rates, which did not change during the quarter. Wages, the third factor in the make up of the index, showed a marginal lift of 0.7% over the quarter.

The index, which is compiled by Massey University, shows that current home affordability is tracking near its average over the past decade.

In the previous four quarters New Zealand home affordability trended downwards with consecutive quarterly falls of 4.7%, 14.9%, 0.1% and 3.3%. In the past 12 months national home index has declined 18%, which means homes are now 18% less affordable than a year ago.

The New Zealand Median Dwelling Price ended the quarter unchanged at $195,000. The Real Estate Institute reported quarterly sales up 18% (25,549) compared to the same period last year (21,651). Dwelling sales for January, normally a quiet month, totalled 8,159 homes changing hands, a record for that month. Home loan interest rates are expected to remain stable for the rest of the year, signalling ongoing strength in the residential property market.

Four of the 11 regions surveyed recorded a quarterly improvement in home affordability. Wellington reported the strongest improvement with 4.1% followed by Canterbury/Westland (2.3%), Manawatu/Wanganui (2%) and Auckland (1.1%). All the other regions reported a quarterly decline in home affordability. The steepest quarterly decline of 14% in home affordability was recorded in Nelson/Marlborough followed by Taranaki (10.5%), Northland (6.2%), Waikato/Bay of Plenty/Gisborne (2.8%), Hawke’s Bay (2%), Otago (1.8%), and Southland (1%).

« Tough call on OCR this weekHouse prices keep rising »

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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 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 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 - ▼7.29 ▼6.85 ▼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 7.95 7.65 7.45
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 - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 7.39 7.25
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 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
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 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
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 7.45 7.37 6.77

Last updated: 23 February 2024 11:59am

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