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Advisers buoyed by strong property market

The New Zealand property market has emerged strongly out of lockdown, according to mortgage advisers, who say they are busy as ever this winter.

Monday, July 6th 2020, 10:14AM

by Dan Dunkley

As the nation came out of lockdown in May, home buyers and investors are as keen as ever to participate in sales and auctions, according to leading advisers.

Kris Pedersen, of Kris Pedersen Mortgages, says his business is "crazy busy" at the moment.

"Originally I thought it would just be pre-approvals for investors wanting to get ready for bargains, but we are seeing properties purchased and clients missing out in multi-offer situations. I think the interest rates may be a partial driver."

Joel Oliver of SuperCity Mortgages also reported strong activity in Auckland.

"I have financed everything from baches to investment properties. Common is an owner-occupied buying a new home and renting out the existing home, as the rates are so cheap and rent demand still high. The house purchase bracket of $1.5mil to $2.5mil is strong, usually someone’s second or third home."

iLender's Jeff Royle says he has been busy since the lockdown.

"Nothing has changed really, we still have a housing shortage, the demand is still high, many Kiwis overseas buying back home, and rates on the floor with no sign of rising anytime soon," he says.

"Credit criteria [is tightening at high LVR but there are a lot of people with good deposits around," Royle adds.

The feedback suggests the property market is enjoying a resurgence since the nation moved into alert level one.

Figures from The Real Estate Institute of New Zealand last week revealed early signs of confidence in the market in May.

According to REINZ, weekly sales started at 355 in the first seven days of the month, but ended May with 1,372 sales in a week. A typical May month would see around 1,700 properties sold each week.

June figures are expected to reflect further confidence as buyers look to capitalise on record-low mortgage rates. Fund manager Nikko AM suggests rates could drop below 2% due to Reserve Bank measures.

 

Tags: confidence coronavirus Covid-19 housing market housing shortage investment Kris Pedersen Lending mortgages property investment property values real estate REINZ sales activity

« Mortgage borrowing rebounds in MayMortgage demand picked to decline »

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.75 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 6.75 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 ▲6.89 ▲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 6.75 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 ▼7.29 ▼6.59
SBS Bank Special - 7.24 ▼6.69 ▼5.99
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 7.35 7.25
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.29 6.75 6.65
Median 8.64 7.29 7.29 6.65

Last updated: 24 April 2024 9:24am

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