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: Saturday, May 25th, 1:32PM

Mortgages

Mortgage Rates Daily Commentary
Thursday 23 May 2024  Add your comment
The good and the bad news from the OCR announcement

The Reserve Bank's latest monetary policy statement had good news and bad news for residential property owners. [READ ON]

How to stay safe from cyber attacks [Details here]

rss
Latest Headlines

Buoyant Auckland market leads house prices up

The housing market remained remarkably buoyant in July, usually a slow month, with strong volumes and the median house price notching up a new record, the latest Real Estate Institute sales figures show.

Wednesday, August 20th 2003, 10:32PM

by Jenny Ruth

The housing market remained remarkably buoyant in July, usually a slow month, with strong volumes and the median house price notching up a new record, the latest Real Estate Institute sales figures show.

They also suggest a ratcheting up in house price inflation.

The national median house price rose from $210,000 in June to $211,250 in July which was a 14.2% increase from the $185,000 median price in July last year.

There were 10,138 houses sold in July, up from 9,790 in June and 7,795 in July last year.

"These strong volumes tend to underwrite the national median sales price growth and tell us that the overall market is growing as a result of strong recent immigration and new dwelling construction, says real Estate Institute president Graeme Woodley.

"Clearly, there is still a gap between demand and supply which goes back to economic and population growth."

The median price rose in July from June in all regions but Nelson/Marlborough and Southland and the median price in all 11 regions was up from July last year.

Compared with June, activity rose in all regions but Auckland, Taranaki and Nelson and, compared with July last year, Nelson was the only region to see a fall off in sales.

In the key Auckland region, while the number of sales eased slightly from 3,579 in June to 3,570 in July, the median price climbed from $289,000 in June to $298,000 in July and was 15.1% higher than in July last year.

"Auckland continues to be something of a barometer of the economy and there are certainly pockets within the overall Auckland figures which indicate the growth in values and volumes is unabated," Woodley says. In Auckland City, the median price was up 34.3% on a year ago.

While the median price in Nelson/Marlborough slipped from $219,000 in June to $212,500 in July, that was still 36.2% higher than in July last year.

"We continue to have a low interest rate environment and although there are signs that rates could begin to firm, this is giving homeowners the confidence to buy," Woodley says.

REINZ PROPERTY MARKET REPORT
TOTAL DWELLINGS MEDIAN PRICE COMPARISONS FOR JULY 2002-2003
REGION JULY 02 JUNE 03 JULY 03
Northland 141,500 168,000 175,000
Auckland 259,000 289,000 298,000
Waikato/BOP/Gisborne 167,000 176,000 177,000
Hawkes Bay 138,000 150,000 158,000
Manawatu/Wanganui 99,000 107,750 111,000
Taranaki 111,000 125,000 130,000
Wellington 205,000 220,500 237,000
Nelson/Marlborough 156,000 219,000 212,500
Canterbury/Westland 141,000 159,500 165,000
Otago 106,750 124,000 132,750
Southland 76,000 108,000 98,000
NZ Total $185,000 210,000 211,250
« Pay commissions for value: NZ Mortgage FundsMortgage books grow »

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 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 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 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 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 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 7.29 6.59
SBS Bank Special - 7.14 6.69 5.99
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.89 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.21 7.29 6.65

Last updated: 20 May 2024 10:01am

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