Buying a home became more affordable in some parts of New Zealand during the September quarter, especially Wellington, because floating mortgage rates fell.
Wednesday, October 8th 2003, 10:11AM
by The Landlord
But for borrowers wanting a fixed mortgage rate for two years or more, interest rates jumped sharply in the three months – making home buying less affordable.
The latest AMP home affordability index shows a 10.3 per cent improvement in home affordability in Wellington in the quarter – the biggest improvement of any region.
That relected the combined impact of lower floating mortgage rates and a dip in the median house price in the Wellington region, from $235,000 in May to $225,000 at the end of the September quarter.
