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Rules are making a difference: Helm

Claims that the LVR restrictions are having no impact on house prices in Auckland are misguided, a property commentator says.

Thursday, December 5th 2013, 5:34PM 2 Comments

by Susan Edmunds

Barfoot and Thompson released data this week that showed the average sales price in November increased to $684,646 agency-wide, and the median increased 5.3% to $621,400.

Although sales numbers were down from October, the agency said there was no real indication that the new rules were slowing activity. From October 1, banks have had to keep their proportion of low-deposit new lending to no more than 10% of new loans.

But Alistair Helm said the Barfoot and Thompson claim was misleading. He said the fact that there were fewer sales below $500,000 in the month – 370 compared to 457 in October – had pushed up the average price.

Barfoot and Thompson said the number of sub-$500,000 sales was in line with those in September.

He said the bottom end of the market would be affected most by the LVR rules and provincial New Zealand was already hurting. “All other indicators, like mortgage demand, the BNZ/REINZ survey have shown that the level of inquiry and interest in property at that lower price point has been dramatically impacted.”

Auckland Chamber of Commerce chief executive Michael Barnett agreed the regions were suffering.

He said the initial impression of the Chamber was that the rules were prompting property developers to focus on the top end of the market, which could have an impact on the long-term availability of affordable housing stock.

He said decision-makers and policy designers needed to realise that Auckland needed a different approach to that taken with the rest of the country. “It’s unfair to keep penalising the rest of New Zealand for Auckland’s problems,” he said.

« Home loan numbers creep upPublic not listening to us: RBNZ »

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Comments from our readers

On 6 December 2013 at 11:43 am plainspeak said:
How true! At last we have folks who are willing to state bare facts. I totally agree with the suggestion that Auckland's case should not be applied to the whole of NZ! Afterall if your foot was gangrenous would you cut your body off at the Neck????
On 9 December 2013 at 8:25 am Richard said:
Wheeler used a sledgehammer to crack a nut which is wrecking the provinces. He continues to ignore the pressure of unfettered low interest Chinese money coming in that he has absolutely NO control over.

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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 7.14 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 7.74 7.35 6.99
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 7.65 7.25 -
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 7.09 6.95
SBS Bank Special - 7.14 6.49 6.35
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 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

Last updated: 20 June 2024 10:39am

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