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Mortgages

Mortgage Rates Daily Commentary
Monday 13 July 2020  Add your comment
New digital edition of TMM out now; Disappointment at tenancy reforms

The latest digital edition of TMM is now available online. We look at how technology will transform the advice sector, and what banks are doing to improve the adviser and customer experience: [READ HERE]

Meanwhile, property professionals have expressed disappointment at the Select Committee report on the Government’s proposed tenancy law reforms: [READ ON]

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Housing market remains positive

If the housing market was a person, it might want to borrow Mark Twain’s famous quote: the reports of my demise are greatly exaggerated.

Wednesday, August 18th 2004, 6:31AM

by Jenny Ruth

The latest figures show the national median house price reached yet another record in July while the number of days it took to sell a house shrank.

The one statistic in the latest Real Estate Institute figures in keeping with the notion that the housing market is cooling was the number of houses sold. They shrank from 8,367 in June to 7,802 in July, a 23% drop from the 10,138 sold in July last year and only a handful more than the 7,795were sold in July last year.

The national median house price jumped from $243,000 in June to $249,000 in July. That exceeded the previous record of $248,000 set in May. The July price is 17.9% higher than the $211,250 recorded in July last year.

That suggests a re-acceleration of house price inflation since June’s price was 15.7% higher than in June last year.

The number of days it takes to sell a house nudged down to 30 days in July from 31 in June.

Institute president Graeme Woodley says it’s significant that most of the reduction in sales occurred in the under $400,000 properties where sales fell from 6,860 in June to 6,337 in July. Sales of houses above $600,000 actually rose slightly from 514 to 519.

"This tends to indicate that recent interest rates increases appear to be having more impact among thos buying cheaper houses than those buying more expensive homes," Woodley says.

"The Reserve Bank’s determination to dampen demand by increasing the official cash rate in recent months has done relatively little to half the residential property market overall, but has impacted most on those who can probably least afford for their mortgage rates to rise."

Deutsche Bank chief economist Ulf Schoefisch also concentrates on the sales figures, noting they’re down 8.7% in July from June in seasonally adjusted terms and 33% below the peak in September. Sales are also at their lowest level in any month since December 2001 in seasonally adjusted terms, he says.

« BNZ says survey nothing to do with SuperbankQV says house prices up 1.9% in quarter »

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Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
ANZ 4.44 3.15 3.25 ▼3.39
ANZ Special - ▼2.55 ▼2.69 ▼2.79
ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone 4.44 4.44 4.44 4.44
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.25 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
First Credit Union Special 5.85 3.35 3.85 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.60 2.65 2.80
Lender Flt 1yr 2yr 3yr
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 3.99 2.58 2.68 2.79
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 3.40 3.40 3.54 4.00
Kiwibank - Capped - - - -
Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
Pepper Essential 4.79 - - -
Lender Flt 1yr 2yr 3yr
Resimac 3.49 3.45 3.39 3.69
SBS Bank 4.54 3.29 3.19 3.49
SBS Bank Special - 2.79 2.69 2.99
The Co-operative Bank - Owner Occ 4.40 ▼2.69 ▼2.75 ▼2.99
The Co-operative Bank - Standard 4.40 ▼3.19 ▼3.25 ▼3.49
TSB Bank 5.34 ▼3.35 3.49 3.79
TSB Special 4.54 ▼2.55 2.69 2.99
Wairarapa Building Society 4.99 3.75 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - ▼2.55 2.69 2.79
Median 4.55 3.19 3.22 3.39

Last updated: 13 July 2020 7:38am

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