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After three months of rises, average Auckland house price slips in May

Auckland house prices took a dip in May after three months of rises, while sales lifted 3.3% to climb 12.2% above year-ago levels, according to the latest Barfoot & Thompson data.

Friday, June 3rd 2011, 12:00AM

by The Landlord

"In May the average price of $529,284 was down 2.8% on April's average price and down 2.5% on May's average last year," said Barfoot & Thompson managing director Peter Thompson.

"It reverses a three-month trend where the average price for the month was higher than that for the preceding month."

Thompson said the company sold 889 properties in May, a quarter more than in April, and 12.2% more than in May last year.

"This combination of rising sales and the average price easing demonstrates that prices are not starting to overheat," Thompson said.

"The major issue facing the Auckland market remains lack of choice for buyers. In May we listed 1169 new properties. While this was up 13.2% on new listings for April, it was down 15% on new listings in May last year.

"At the end of May we had only 5249 properties on our books, the lowest number for 20 months."

The reduced supply of property on the market was commented on by ASB economist Jane Turner.

"Stronger housing market activity has seen the total supply of houses available for sale on the market steadily decline over recent months, with the number of houses available for sale down 12% on year-ago levels."

Turner said the combination of an increase in net migration and low interest rates has underpinned an increase in demand, and coupled with the low level of listings, the housing market had become surprisingly tight with nationwide house prices up around 6% over the year.

However, she said the life in activity appeared to be confined to Auckland.

"Nonetheless, the Barfoot & Thompson data highlights that housing supply in Auckland is becoming tight, particularly after a few years of low construction activity, and supports our view of rising house prices over the coming year."

She said the lift in Auckland activity suggested confidence in the household sector is gradually recovering, and that allied to a rise in business confidence over April and May, the RBNZ will take encouragement that lower interest rates are helping boost the economy.

"However, the RBNZ will want to see a pick up in demand that is more widespread across the economy. We continue to expect the RBNZ will leave interest rates at current levels for the remainder of 2011, until it has seen evidence the NZ recovery has gained a firmer footing."

 

 

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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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