tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, June 5th, 11:11AM

News

rss
Latest Headlines

Central Otago Lakes and Auckland most expensive for property

Central Otago Lakes and Auckland remain the most expensive places in New Zealand to buy property, though nationwide home affordability improved slightly over the last quarter.

Friday, September 23rd 2011, 12:00AM

by The Landlord

The Massey University Home Affordability report said affordability improved over the last quarter as falling interest rates and rising wage rates offset a slight increase in the national median house price.

The report said the median house price is up $5,000 to $355,000, the average monthly mortgage interest rate fell from 6.29% to 6.21$ and the third affordability driver - average weekly wages - increased from $997.42 to $1006.68.

Massey University Professor Bob Hargreaves said a mix of cautious buyers and determined sellers, combined with low rates of construction, had resulted in a subdued housing market.

"The national housing market is characterised by cautious buyers, weak turnover rates, determined sellers, expectations of mortgage interest rates remaining stable in the short term, very low rates of new construction and a continuing exodus of New Zealanders to Australia," he said.

"The first signs of future improvements in house prices are likely to be increased turnover rates, particularly in Auckland, coupled with improvements to the overall New Zealand economy."

The report assesses house affordability by combining national house prices, interest rates and wages to calculate an average affordability figure of 100, which individual regions are then measured against.

With an index of 139.3% Central Otago Lakes was the least affordable area, followed by Auckland (122.1%) and Nelson/Marlborough (99.8%).

Southland remained the most affordable location with an index of 58.7%, followed by Manawatu/Wanganui (67.8%) and Otago (72.7%).

Annually, all districts national affordability improved by 8.4%, and all twelve regions saw improved annual affordability.

« Investors treading water in housing marketHouse prices just 5% below peak and set to rise »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News

MORE NEWS»

Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA 4.55 3.55 3.89 3.99
AIA Special - 3.05 3.39 3.69
ANZ 4.44 3.29 3.45 3.85
ANZ Special - 2.79 2.95 3.35
ASB Bank 4.45 3.35 3.19 3.85
ASB Bank Special - 2.85 2.69 3.35
Bluestone 4.44 4.44 4.29 4.34
BNZ - Classic - 2.79 2.69 2.99
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 3.39 3.29 3.59
Lender Flt 1yr 2yr 3yr
BNZ - TotalMoney 4.55 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 2.80 3.15 3.19
Credit Union Auckland 5.95 - - -
Credit Union Baywide 5.65 4.75 4.75 -
Credit Union North 6.45 - - -
Credit Union South 5.65 4.75 4.75 -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 3.95 2.89 2.97 3.39
Heartland Bank - Online - - - -
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 4.99 4.35 4.45 -
HSBC Premier 4.49 2.80 2.89 3.50
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 4.40 2.95 2.95 3.69
Kainga Ora 4.43 3.29 3.39 3.85
Kiwibank 4.40 3.74 4.14 4.40
Kiwibank - Capped - - - -
Kiwibank - Offset 4.40 - - -
Kiwibank Special - 2.65 2.79 3.25
Liberty 5.69 - - -
Lender Flt 1yr 2yr 3yr
Napier Building Society - - - -
Nelson Building Society 4.95 3.75 3.99 -
Pepper Essential 5.18 - 4.98 4.98
Resimac 3.49 3.45 3.39 3.69
RESIMAC Special - - - -
SBS Bank 4.54 4.85 5.05 5.49
SBS Bank Special - 2.99 3.05 3.69
The Co-operative Bank - Owner Occ 4.40 2.79 ▼2.79 3.39
The Co-operative Bank - Standard 4.40 3.29 ▼3.29 3.89
TSB Bank 5.34 3.59 ▼3.49 ▼3.79
TSB Special 4.54 2.79 ▼2.69 ▼2.99
Lender Flt 1yr 2yr 3yr
Wairarapa Building Society 4.99 3.95 3.99 -
Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
Westpac Special - 2.79 2.69 2.79
Median 4.55 3.32 3.39 3.69

Last updated: 5 June 2020 8:55am

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com