There was good and bad news for first home buyers in November with housing affordability worsening in some regions and improving in others, according to Interest.co.nz's Home Loan Affordability Report.
Data released today by the Real Estate Institute of NZ ("REINZ") shows there were 42 more farm sales (+11.2%) for the three months ended November 2015 than for the three months ended November 2014.
Data released today by the Real Estate Institute of NZ ("REINZ") shows there were 568 more lifestyle property sales (+34.8%) for the three months ended November 2015 than for the three months ended November 2014.
"With the average weekly rent across the Auckland region now in excess of $500 and some interest rates falling below 4.5%, many renters will contemplate becoming buyers and for some it will make much more sense," says Geoff Barnett, National Manager of Century 21 New Zealand.
Lodge Real Estate’s managing director Jeremy O’Rourke, today said six (6) houses sold above the million dollar mark in Hamilton during the month of November 2015. This was a record month for sales at this level for 2015.
Any softening of the property auction market in Auckland is likely to be merely a temporary, cautious reaction as new financial restrictions come into play, says Harcourts NZ CEO Chris Kennedy.
"If specific Government and Reserve Bank control measures hadn’t been taken, Auckland’s latest house prices would’ve probably been even steeper," says Century 21 New Zealand National Manager Geoff Barnett.
The latest monthly QV House Price Index shows that nationwide residential property values for November have increased 15.0% over the past year which is the fastest rate since February 2006. Values rose 4.0% over the past three months and are now 34.1% above the previous market peak of late 2007.
The number of new dwellings consented rose in Auckland, but decreased in Canterbury, in October 2015 compared with October 2014, Statistics New Zealand said today.
Life became slightly easier for first home buyers in many regions last month thanks to a small drop in the lower quartile selling price and the ongoing slide in mortgage interest rates, according to the Interest.co.nz Home Loan Affordability Report.