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Rental looking good, residential moribund

Confidence about the economy in a year's time has slipped slightly and the residential real estate and commercial property sectors remain ‘moribund', according to the latest BNZ Confidence Survey.

Tuesday, December 14th 2010, 12:00AM

by The Landlord

 

A net 18% of respondents expect the economy to improve compared with a net 29% in November. While down the bank said the figure remains at a "relatively firm level."

However, the positive sentiment is not matched by positive feelings about the present.

"Things remain as moribund as ever in retailing, residential real estate and commercial property, while tourism and construction remain patchy," the bank said.

From rental property investors' responding to the survey however, there was more optimism.

One Auckland property manager said, "Rents on the rise achieving 5% increases minimum. Listings have climbed up which is normal this time of the year with students finishing second semester. All looks good for next year and expecting good rental growth for our owners."

BNZ chief economist Tony Alexander said the more positive rental sector was no surprise and a reflection of the undersupply of houses. He said the rental market is where you first see the effects of the housing shortage and that the effect "will intensify" due to a lack of new home building.

However, outside of Auckland that optimism is not matched by respondents in the residential property sector, which Alexander described as "very mixed overall."

That mixed picture saw Auckland respondents reporting an upturn in the market in November.

"What a difference a month makes," said one eastern Auckland respondent.

"After the disastrous October, November was our best month since March for sales and listing activity."

Elsewhere respondents were less positive.

One respondent from Waikato has "been in the game for 20 years and never seen it so dead" while in Rodney "November has been our best month in recent times with a good number of sales and a big increase in properties coming on the market."

« 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 ▼6.69 ▼6.49 6.49
Kiwibank - Offset 7.25 - - -
Kiwibank Special 7.25 ▼5.79 ▼5.59 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 - ▼5.89 ▼5.49 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 4.94 ▼4.89 - -
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 5.84 5.75 5.69

Last updated: 9 December 2024 10:05am

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