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Property values increase as sales decline

New Zealand property values rose in June as a general shortage of properties for sale saw vendors boost their prices in what's beginning to look like a sellers' market.

Sunday, July 5th 2009, 12:00AM

by The Landlord

House values fell 7.1% in the 12 months ended June 30, compared to an 8.1% decline in the period through April, according to QV Valuations, marking the third consecutive monthly improvement. The average sale price rose to $378,535 last month, from $371,555 in May.

"Historically low mortgage interest rates have led to improved optimism and encouraged more buyers back into the market," said spokeswoman Glenda Whitehead. "Potential sellers are holding back and waiting for values to increase again."

Last month, Reserve Bank Governor Alan Bollard warned the economy faces risks if signs of stabilisation in the housing market are taken as the portent of another boom, and spurs another cycle of borrowing and consumer spending. Rising net migration and a shortage of housing has stoked optimism of a revival in the property sector.

QV's Whitehead said concerns over job security, recent hikes in mortgage rates and tighter lending criteria could curb recent buyer enthusiasm.

The government valuation agency said there had been an increase in the number of people intending to buy property in the coming year, but fewer people intending to sell, and that this changing balance in sentiment will "shape the market over the coming months."

In Auckland, property values continued to slow their annual decline to 5.9% in a rolling three month period ending June 31, from 7.6% in May, while the average sale price gained to $489,444 from $483,397. Hamilton property values improved to a 6.6% decline in the three months ended in May from 7.5% the month before. The average price fell to $337,851 from $346,274.

Tauranga property values fell 8% from a 9.4% drop in the previous period, as the average sale price advanced to $427,927 from $425,621. In Wellington, values fell 6.5% slowing from the 7.4% annual decline reported in April. The average sale price increased to $430,939 from $424,411.

Christchurch property values fell 7.3% from 8.1%, with the average sale price little changed at $339,695.

Dunedin property values fell 4.5% in the three months through June from a year earlier, from the 5.4% annual decline in the period through April. The average sale price fell to $256,493 from $264,180.

« Will Ha have the last laugh?Free Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.45 7.05 6.85
ANZ 8.64 7.99 7.49 7.35
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.39 6.89 6.75
ASB Bank 8.64 7.39 6.89 6.65
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 - 7.29 6.85 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 ▼7.89 ▼7.45 ▼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 - ▼7.09 - -
Co-operative Bank - Owner Occ 8.40 ▼7.29 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 ▼7.79 7.39 7.25
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 6.69 6.45 6.19
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 6.85 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.59 7.29
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.35 7.89 7.65
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.35 6.89 6.75
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.90 7.39 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.30 7.89 7.69
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.30 8.89 8.69
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.95 7.45 7.29
SBS Bank Special - 7.45 6.95 6.79
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 7.05 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.19 7.55 7.55
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.39 6.75 6.75
Unity 8.64 6.99 6.85 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 7.15 6.85 -
Westpac 8.64 7.89 7.49 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.89 6.65
Median 8.64 7.45 7.37 6.77

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