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Housing market hits wobbles

The steadying of the housing market has dropped off and is now at its "least convincing" since June last year, according to the Mike Pero Mortgages/Infometrics Property Cycle Indicator.

Monday, February 22nd 2010, 5:04PM

by The Landlord

The indicator, which runs from negative 10 to positive 10, showing a strong downturn or upturn in the housing market, fell slightly to a positive 5.23 in January, from 6.67 in December.

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 to sell a house.

"Although nationwide PCI was still positive in January 2010, the steadying of the housing market has dropped off," says Mike Pero Mortgages CEO Shaun Riley.

"Sales volumes in January were 1.1% lower than a year earlier, the first decline in activity since February last year."

The median house price for January dropped $10,000 from the previous month, but was still up 7.7% from January 2009.

The third measure of the PCI, the time taken for houses to sell, was up 10 days from December last year, to 43 days.

"The average number of days to sell property showed its typical seasonal increase in January," Riley says, although it was still 16 days less than in January last year.

Northland was the only North Island region where the housing market gained momentum in January, according to the PCI. It showed a positive 3.56, up from 3.35 in December.

Auckland slipped slightly, with a PCI of 7.88 last month, down from 8.67 in December, and Wellington lost ground, down to 7.1 from 9.37 in December.

In the South Island, the Central Otago Lakes region was back in positive territory, after two and a half years, with a PCI of 0.3, up from negative 0.15 in December. Southland's PCI increased to 2.28 from 2.2, Nelson/Marlborough was 2.3, from 3.08, and Otago also lost ground with a PCI of 2.64, down from 3.54 a month earlier.

« Momentum building in house market, according to ANZFree Investment Property Showcase Events: Auckland, Wellington and Christchurch »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 4.94 - - -
AIA - Go Home Loans 7.49 ▼5.79 ▼5.49 ▼5.59
ANZ 7.39 6.39 6.19 6.19
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.79 5.59 5.59
ASB Bank 7.39 ▼5.79 ▼5.49 ▼5.59
ASB Better Homes Top Up - - - 1.00
Avanti Finance ▼7.90 - - -
Basecorp Finance ▼8.35 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.54 - - -
BNZ - Rapid Repay 7.54 - - -
BNZ - Std 7.44 ▼5.79 ▼5.59 5.69
BNZ - TotalMoney 7.54 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.69 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 6.95 5.79 5.59 5.69
Co-operative Bank - Standard 6.95 6.29 6.09 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - ▼5.99 ▼5.89 -
First Credit Union Standard ▼7.69 ▼6.69 ▼6.39 -
Heartland Bank - Online 6.99 ▼5.49 ▼5.39 ▼5.45
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.60 6.65 6.40 -
ICBC 7.49 ▼5.79 ▼5.59 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.25 6.89 6.59 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 7.94 ▼5.75 ▼5.99 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.49 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.19 6.49 ▼6.39 ▼6.39
TSB Special 7.39 5.69 ▼5.59 ▼5.59
Unity 7.64 ▼5.79 ▼5.55 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼7.70 ▼5.95 ▼5.75 -
Westpac 7.39 6.39 6.09 6.19
Westpac Choices Everyday 7.49 - - -
Westpac Offset 7.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 5.79 5.49 5.59
Median 7.49 5.97 5.75 5.69

Last updated: 6 December 2024 9:11am

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