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Average house price falls in September: QV

The average New Zealand house price fell 5.8% in September amid indications the market may be headed for an extended slump as banks tighten lending criteria and the recession saps demand.

Monday, October 13th 2008, 9:24AM

by The Landlord

The average New Zealand sale price fell to NZ$379,854 in September, according to Quotable Value, the government valuation agency.
     
“We are moving into an economic recession and there is plenty of speculation that things will get worse before they get better,” said Mark Dow, a spokesman for QV Valuations. “Indications last month that a more optimistic mood had come over the market have since evaporated.”
     
The central bank may have embarked on its steepest easing cycle since 2001, when the official cash rate was cut 175 basis points in 11 months. Some economists predict this cycle will be bigger, with a 50 basis point cut on October 23 and at least the same amount again by Christmas.
     
Still, banks fund much of their mortgage books by borrowing overseas, where frozen credit markets have driven up costs. The New Zealand economy has contracted for three straight quarters, according to Goldman Sachs JBWere.
     
According to the QV figures, property prices in the Auckland area fell 7% to an average NZ$495,161. Hamilton prices declined 8.8% to NZ$353,465. The average price in Wellington fell 5.4% to NZ$424,098 and in Christchurch the drop was 7.1% to NZ$356,357.

  • To view prices in the main urban areas, click here

BusinessWire.co.nz

« NZ house sales rise from 26-year low; prices steady: REINZProperty Investors Show Resilience in Slump: Survey »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 ▼3.89 ▲4.05 4.39
ASB Bank Special - ▼3.39 ▲3.55 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 ▼4.14 ▲4.30 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - ▼3.39 ▲3.55 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - 3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.02 4.09 4.39

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