Last week was full on with cuts to home loan rates and looking at what's happening in wholesale markets there could be further cuts this week.
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GoodReturns 20/05/12
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Three banks have made more home loan rate cuts. ASB has trimmed longer term rates; Kiwibank has matched its rivals in the one year term while Westpac has made a number of cuts across the short and mid term maturities.
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GoodReturns 18/05/12
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Nationwide residential property values resumed their gentle rise in April according to the latest QV index. Values are up 0.4% over the past three months and 3.1% up over the past year. Values are now 2.9% below the previous market peak of late 2007.
QV Valuer Glenda Whitehead said “nationwide values have once again increased slightly in the past month, continuing the trend that has persisted for the past year. The marginal drop in values in March appears to have been a temporary blip. There continues to be variability across the country but slight increases in values in parts of Auckland, Wellington, Hamilton and several of the provincial centres are helping to push up nationwide values”.
Whitehead said “sales activity has been strong for the last few months, with volumes at the highest levels since 2007. Some of the increase in activity has been due an increase in confidence amongst home buyers, releasing some of the pent-up demand caused by several years of lower than usual sales activity. First home buyers are also active in most of the main centres, in part encouraged by the Welcome Home Loan package and low interest rates. Sales activity will slow down a little over winter but the increased confidence in the property market is likely to carry through into Spring”.
Over the past year values in the Wellington area first dropped then recovered. Values are up 0.6% over the past three months, and also up 0.6% over the past year.
“Although the Wellington market is active with good demand from buyers, value levels remain relatively steady. First home buyers are prominent and investors are starting to enter the market for multi-unit investment blocks. There is also an increase in activity in the rural lifestyle market. Some potential buyers are again commenting that it is difficult to find a suitable property, indicating that there is a shortage of listings in some areas. Well presented and located property in good school zones are still selling well, sometimes under multiple offer situations” said QV Valuer Pieter Geill.
10/05/12 QV
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Stay floating or fix three years at 6.15%. It all depends upon one’s risk tolerance. Thankfully, on February 16 when I wrote here that I would move from floating to fixed the justification was not an expectation of a rise in interest rates but simply the small gap between floating and fixing.
To whit ..“The gap between floating and fixing for three years has declined to only 0.41% from 1.4% three months ago and is now the lowest since March 2009.
Personally I would take the three year rate because I like certainty and the 0.41% cost is very small. Most people however seem to be very comfortable sitting floating so if they change will probably only jump to the two year rate.
The chances are however that with little discussion in the media regarding interest rate rises and picking low points, very few people will in fact shift away from floating.
This will likely happen even though it is a complete gimmee because the chances of either the two year rate or floating rates falling again this year are low (though not zero given Europe uncertainty) and our official view is that the Reserve Bank will start tightening monetary policy before the end of the year.
The only change I would make in the February 16 statement would be to note more explicitly the always high probability that monetary policy tightens in 2013 and not anytime this year.
Thanks to Tony Alexander of the BNZ for his Weekly Comment 10/05/12
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We are stirring from our rates hibernation and have more rate changes. This time ANZ and National have cut their one year rates.
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GoodReturns 10/05/12
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Wellington is proud to have more than one hundred parks and play areas. Of these, some that stand out for their enduring popularity with Wellingtonians. They are enjoyed as much for their suitability as picnic spots as for their play equipment and open space
Botanic Garden Play Area
Built around leafy slopes in the Botanic Garden, this play area has a rocktopus, double-pipe tube slides, swings, slides and flying fox. There are also picnic tables, toilets and an enclosed area for small children.
Central Park Play Area
Located on the fringe of Wellington's central business district this park on Brooklyn Road features a three cable flying fox, a six-metre high space ball climbing frame, spinner bowl, whirl and swings. The park also has a junior section with slides, swings, crawl tunnels, climbing net, seesaws and a springy racer.
Freyberg Park
Complementing one of Wellington's most popular beaches - Oriental Bay - this recently built play area has rope climbing equipment for older children, and a chunky bright climbing frame for toddlers. There are also picnic tables, toilets and car parks.
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Karori Park Play Area
This park has European designed equipment and a flying fox, and is more suitable for older children. It is located next to the Karori Park pavilion, and links to Outer Green Belt walking tracks. There are public toilets nearby.
Khandallah Park Play Area
This is a native forest reserve with plenty of space, walking tracks, and an outdoor summer pool. Located on Woodmancote Road, Khandallah, the play area includes a flying fox, a new junior play complex, and a giant rock climbing structure for the older children. Parking is available at the end of the street, and there is a café next to the pool.
Nairnville Park Play Area
On the corner of Cockayne Road and Lucknow Terrace, Khandallah, this park has a play area suitable for all age groups. There is a 13-metre fibreglass slide and large play structure.
The Crescent Play Area
Overlooking Wellington harbour from The Crescent, Roseneath, this small park has panoramic views of the city. There are picnic tables, swings and slides. The park links to Town Belt walkways on Mount Victoria. There are no toilets and parking is limited.
Shorland Park
Anchoring Island Bay beach to The Parade, this park has a long slide, swings, pirate ship, junior area and basketball half-court. There are also picnic tables, changing sheds, toilets, and a covered band rotunda.
Bookings
Parks can be booked for events, for more information click here
Source: Wellington City Council
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It has been very quite for the last few weeks, not much activity at all.
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HSH 8/05/12
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Unlike the three previous times since March 2009 when I have written here that I would stop floating and fix then been hit straight away with a fresh deterioration in Europe and fall in borrowing costs, this fourth time I do not feel inclined to outright switch back to saying don’t fix.
Certainly the chances of bank fixed interest rates going up in the near future have collapsed in the face of disappointing economic data.
So while I personally like the three year fixed rate at 6.15% there is no need for haste to fix from those happily sitting on floating at 5.74%.
But I would keep an eye on things and personally be happy to fix and not worry about whether I average a rate of 6.15% in the next three years or 6%
Thanks to Tony Alexander of the BNZ for his Weekly Comment 03/05/12
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Simply download my May Property Update Newsletter HERE, fill out the form and enter to WIN!
This months Headline: No sharp price increases, but trend in the right direction
Congratulations to last months winner: D Kelleher of Wellington.
Halina Kuchciak
Your Local Real Estate Expert
Offer Valid through May 2012
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