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Auckland momentum follows rest of country

The Auckland residential property market has come into line with the rest of the country after being ahead in terms of momentum, according to the latest Mike Pero Mortgages-Infometrics Property Cycle Indicator (PCI).

Friday, June 18th 2010, 3:24PM

by Maddy Milicich

The PCI is a sensitive measure of the market based on changes in the number of houses sold, changes in price plus the time taken for a house to sell and ranges from negative 10, showing a strong downturn, to positive 10 - a strong upturn in the housing market.

"The PCI is a momentum-based indicator, rather than an absolute indicator of the market," Mike Pero chief executive Shaun Riley says.

Auckland's PCI for May is at -0.95, down from 2.17 in April, previously the only region recorded by the indicator to be holding positive ground.

"The Auckland market is more resilient than a lot of the regional areas around the country, which tend to see recovery and momentum shifts sooner than the cities," Riley says.

Wellington, which was only just in negative territory in April, also lost ground and dropped from -0.12 in April to -2.57 in May.

Riley says Wellington tends to trend similar to Auckland for the same reasons, mainly due to population and demographic being that much bigger than regional areas.

The national PCI fell from -0.86 in April to -3.71 in May.

"The nationwide PCI slipped further into negative territory last month and is now at its lowest level since March last year," says Riley

House sales activity was also weak in May, down 17% from May last year, with total residential sales inching down to 5,206 from 5,207 a month earlier, according to REINZ.

House prices also fell further in May, with the national median house price falling 1.7% to $350,000 month-on-month, although still up 3.7% from May last year.

Time taken to sell a house was at 43 days, compared to 40 days in April and 42 days in May 2009, the first time since March last year houses spent longer on the market than in the same period the previous year.

Looking at the PCI in other regions, Canterbury/Westland dropped slightly from -4.14 to -4.90; Nelson/Marlborough fell from -3.51 to -4.55, and; Otago also lost ground falling from -4.89 to -6.71.

« 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 5.95 6.09 -
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 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 6.05 5.79 -
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 5.99 5.79 5.69

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