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House prices still up, but stable

Residential property values increased by 10.4% over the past year, which is consistent with the growth rate reported in August.

Monday, October 9th 2006, 12:00AM

by The Landlord

“Supply and demand in the residential property market appears to be more evenly balanced across many areas of the country which is contributing to a steady market” said QV spokesperson Blue Hancock. “There had been predictions that a potential over-supply in housing stock may impact the market, but this appears to be offset by continuing positive levels of net migration.”

“Mortgage rates that are stable or even falling, the feel good factor of lower petrol prices, along with the normal increase in activity that comes with the spring property market, may keep the property market simmering for a while yet” said Mr Hancock.

Of the main cities, Hamilton 14.1%, Auckland 7.2% and Dunedin 5.3% all reported a slight slowing in growth rates compared to August. Wellington 10.1% grew at a higher rate than last month (9.5% in August), back to a similar growth rate recorded in June (10.5%), while Christchurch’s growth rate was stable at 9.6%.

In the provincial cities, slowdown in growth was reported for Rotorua 22% (down from 24.9% in August), Napier slowed to 4.5% and Tauranga 1.2%. Other cities showed an increase in growth rates compared to August, with Palmerston North up to 16%, Invercargill 11.4% and Nelson 3.8%.

The average New Zealand sale price was $344,748 for this period.

See commentary on the main urban areas here 

« Property investors refocus on cash flowResidential property still picked as top performer »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 ▼2.29 ▼2.59 ▼2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
CFML Loans 4.95 - - -
Lender Flt 1yr 2yr 3yr
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 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.50 3.40 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
HSBC Special - 1.99 - -
Lender Flt 1yr 2yr 3yr
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.79 3.04 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
SBS Bank 4.54 2.79 2.79 3.15
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 2.29 2.29 2.65
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.79 2.99 2.80

Last updated: 26 February 2021 11:27am

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