Good reasons to be up-beat about economy and real estate market
Wellington Rrgional Comparison
Wellington Regional Sales Comparison
Win Deluxe High Tea for 4
Recent Wellington Residential Property Sales
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Last months winner was: H Hawke of Masterton
I like the look of the three year fixed rate at 6.19% so would choose that for maybe 80% of my debt and fix the rest for one year at 5.99% as a low-cost slightly inflexible proxy for floating which would cost 6.74%. If you are a term depositor as I am, just be aware that there is strong competition between the banks for your cash so do what borrowers do and discuss what one bank is offering with another and see what response you get.
Thanks to Tony Alexander of the BNZ for his Weekly Comment 25/09/14
The latest monthly QV Residential Price Movement Index shows that nationwide residential property values for August have increased 6.9% over the past year and 1.7% over the past three months. This means they are now 15.8% above the previous market peak of late 2007. When adjusted for inflation the nationwide annual increase drops slightly to 5.2% and values remain below the 2007 peak by 0.8%.
The Auckland market has increased 11.4% year on year and values are up 33.0% since 2007. When adjusted for inflation values are up 9.7% over the past year and are 13.8% above the 2007 peak..
QV National Spokesperson Andrea Rush said, “Since September last year the growth rate of New Zealand residential property values has been slowing and this trend has continued over the past month.”
“Home values in Auckland, Christchurch and Tauranga are still increasing but at a slower rate than this time last year.”
“Hamilton and Dunedin home values have decreased slightly and Wellington values are continuing to show the downward trend seen over the past few months.”
“Sales volumes and home loan approvals are down year on year and interest rate rises, LVR restrictions and the upcoming election appear to be keeping the number of homes on the market low as well.”
Residential property values in the Wellington Region are still showing a slight downward trend down 0.5% over the past three months and values across the region as a whole are up 0.9% since August last year.
Home values in Wellington City have decreased slight 0.2% over the past three months, as have values in Wellington Central and South, down 0.5%. Wellington West is also down 1.0%; while Wellington North and East values have remained the same.
Lower Hutt home values have decreased by 2.1% in the past three months and 1.1% year on year. Upper Hutt has increased 0.9% over the past three months and home values there 0.3% below what they were this time last year.
QV Wellington Registered Valuer, Kerry Buckeridge said, “Home values across the Wellington region as a whole are now 1.3% below the 2007 peak and the Hutt Valley remains well behind.”
“Seven years is a long time not to see any value growth and a key factor is that Wellington does not have population growth to drive demand for homes.”
“Currently there are historically low levels of stock in the market and low interest from buyers. The upcoming election is likely to be a factor and could mean people are holding off making property decisions.”
“The current generation of new home buyers seem to find properties in need of renovation unappealing.”
“A full ‘doer-upper’ can still appeal to seasoned renovators’, but some first home buyers seem more likely to purchase a fully-finished apartment, than a standalone home that is in need of some work.”
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