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Auckland sales prices have jumped, which research company Crockers finds unusual considering the lack of sales numbers, plus IRD is looking at what it constitutes as a mortgagee sale in relation to collecting GST.

Monday, April 26th 2010, 12:00AM

by The Landlord

Auckland price jump surprising
While sales numbers in Auckland tracked almost exactly against 2009 levels, a major jump in median prices for March was surprising, according to Crockers.

"A moderate jump is ‘normal' at this time of year, but the 5% leap on February's median price is surprising and something not seen since 2005."

The median sales price was also up 9% on March last year at $475,000.

Crockers says the continued recovery of up-market areas in Auckland City and North Shore City are the main sources of recent price rises, with Papakura also climbing out of the late 2008 trough.

"Nation-wide movements were more moderate, delivering a ‘mere' 3% rise on February price levels and an 8% year-on-year lift for a national median price of $360,500, total sales however fell 8%," the company said.

IRD honing in on GST collected from mortgagee sales
The Inland Revenue Department (IRD) is currently looking at what it deems to be a mortgagee sale in relation to claiming GST, to close a gap in the system.

At present the Goods and Services Act has powers for the IRD to claim GST from insolvent landowners who make a mortgagee sale.

However, there are ways of making a mortgagee sale look like something else, since the downturn began increasing numbers of people are using these.

The proposal here is the IRD would have powers to "deem" something a mortgagee sale if it has all or some of the following characteristics:

  • a mortgagee taking control of, or inducing the sale of, the property by exercising a power under a contract with a mortgagor
  • a mortgagee signing the sale and purchase agreement, or requesting the mortgagor to sign the sale and purchase agreement as already negotiated by the mortgagee
  • a mortgagee organising services related to selling the property, such as building, conveyancing, auctioning or advertising services
  • a mortgagee paying directly for the services related to selling the property
  • a mortgagor's solicitor also being the mortgagee's solicitor
  • a purchaser being associated with the mortgagee.
« 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 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.24 6.79 6.65
ASB Bank 8.64 7.24 6.79 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 - 7.24 6.79 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 7.84 7.39 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 - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.74 7.29 7.15
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 6.75 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.79 7.39 7.25
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 7.25 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.75 7.35 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 ▼8.09 ▼7.59 ▼7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.84 7.45 7.25
SBS Bank Special - 7.24 6.85 6.65
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.74 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 8.04 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 7.24 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - - 6.45 -
Wairarapa Building Society 8.60 6.95 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 7.29 7.32 6.65

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