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Housing market continues positive growth

The New Zealand housing market gained further momentum in August following a mid-winter turnaround, according to latest Mike Pero Mortgages/Infometrics Property Cycle Indicator.

Wednesday, September 23rd 2009, 4:02PM 1 Comment

by The Landlord

The indicator, which runs from negative 10 to plus 10, climbed to a positive 6.68 in August, from 5.39 in July.

It is a sensitive measure of the housing market and includes three main factors: changes in the number of houses sold, changes in price and the time taken for houses to sell.

"The rate of turnover in the housing market is the fastest in almost two years," says Mike Pero Mortgages chief Shaun Riley.

In August, it took an average of 34 days to sell a house, 21 days fewer than in August last year, and three days better than the 37 days taken in July this month.

"The reduction in the time taken for houses to sell, when compared with a year earlier, is the fastest improvement since records began in 1991." Riley says.

The median house price also rose when compared to August last year, up 5.1% to $346,750, the first annual rise since March 2008 and the largest increase in 21 months.

The number of houses sold was up 39% from a year earlier, and stable month-on-month.

"The big markets of Auckland and Wellington are showing strong signals and are leading the market according to the Property Cycle Indicator," Riley says.

Wellington led the country with a PCI of 7.8, from 6.57 in July and Auckland was not far behind with a PCI of 7.25, up from 6.92 in July.

In the South Island the Canterbury/Westland PIC was 4.78, slightly up from 4.49 in July; Otago was at 2.6, compared to 2.2  a month earlier, and; Nelson/Marlborough was at 2.9, up from 2.07 in July.

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

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On 24 September 2009 at 11:06 pm Brad said:
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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 7.95 7.65 7.45
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 - 7.15 - -
Co-operative Bank - Owner Occ 8.40 7.35 6.89 6.75
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.85 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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