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Price growth slowing but no let-up in sight for first-home buyers: QV

Things won’t get any easier for first-home buyers in Auckland for a while yet, according to Quotable Value’s local expert, Kerry Stewart.

Tuesday, April 9th 2013, 12:00AM

by The Landlord

The latest QV statistics show nationwide house prices are now 3.3% above their previous market peak and have increased 6.5% over the past year.

Research director Jonno Ingerson said nationwide values were increasing but there were signs that the rate of increase had slowed a bit in the main centres.

Auckland values are now up 11% on a year earlier. But Rodney and central Auckland are showing slower rates of growth in comparison to other areas.

“The number of properties on the market remains limited, particularly in Auckland. This has constrained the number of sales at a time when buyers have generally shown more confidence and have been keen to purchase,” Ingerson said.

Stewart said the slowing in price growth could because the market had hit the point where people were being priced out.

He said some buyers were waiting to see if houses became more affordable. “The market is getting to the stage where trying to get a first home is damn near impossible unless you have wealthy parents.”

He said prices would likely increase over the next 12 months – or at the very least level out. “I don’t see a decrease.”

Hamilton’s prices are 4.6% up on a year before, Tauranga’s are virtually flat, Dunedin’s prices are up 4.1% and Wellington’s are 2.1% up.

Wellington valuers had noticed the impact of KiwiSaver’s first home deposit subsidy, particularly in the Hutt Valley.

Christchurch values are 7.8% up on last year, although price increases appear to be slowing there, too.

« House prices a concern: Reserve BankAuckland prices driving national increases: REINZ »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
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 - 7.14 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 7.74 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 - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 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 6.89 6.55 6.35
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 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 8.74 7.74 7.09 6.95
Lender Flt 1yr 2yr 3yr
SBS Bank Special - 7.14 6.49 6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Lender Flt 1yr 2yr 3yr
Westpac 8.64 ▼7.49 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - ▼6.89 6.75 6.39
Median 8.64 7.14 6.82 6.65

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