Auckland’s growing population means there is a shortfall of between 15,000 to 25,0000 properties needed to house its inhabitants. But with only 7,500 annual consents being approved for new buildings in the region and 10,000 actually needed to stop the housing shortfall, the Reserve Bank Governor suggests Auckland needs to build upwards. Graeme Wheeler has […]
What Will Happen To Interest Rates In 2015?
Potential property buyers and home owners alike always want to buy the best property they can afford and at the most favourable interest rate for their circumstances. The Reserve Bank’s Monetary Policy Statement (MPS) is often used to help buyers and owners predict what is going to happen in the future and help them decide […]
Apartments Are The New Quarter Acre
The Kiwi quarter acre dream is looking like it will remain just that, a dream, for many new home buyers in New Zealand. With house prices continuing to rise, downsizing your expectations of the type and size of the property you would like to purchase is completely normal. That’s why many first home buyers are […]
Property Investors Snapping Up Auckland Homes
Even as Auckland’s property prices continue to rise, property investors have been busy snapping up and purchasing new properties for their portfolios. First home buyers have been complaining saying they are the ones who are missing out on these lower end priced properties because of the Reserve Bank’s LVR which means they need to save […]
2013 Budget Set to Be a Game Changer in Mortgage Market
With the recent announcement of National’s 2013 budget, there are a few surprises that are set to alter the current residential mortgage market. This is largely due to the recent boom in Auckland housing demand and pricing, with mean house prices reaching record highs relative to the average household income. As a result of this, […]
Mortgage Rates Hit Record Low
Banks have recently begun to offer record-breaking short-term mortgage rates – the lowest in New Zealand’s history. The rates for Westpac, BNZ, ANZ and ASB have decreased to less than 5% in the past week, while house prices continue to skyrocket; the average price of an Auckland city home is now $735,692, a 12% increase […]
Mortgage Freebies: Friend or Foe?
There has been a recent surge in the amount of additional perks given alongside mortgage deals – no longer is it the interest rates that are designed to catch your eye, but the idea of a free television, legal fees, an iPad or iPhone, or furniture vouchers for your new home. However, there are obvious […]
Fixed Interest Rates New Craze?
According to latest statistics for New Zealand’s home loans on a wide-scale basis, fixed mortgage rates are gaining the upper hand over floating rates. The latest Reserve Bank information shows that $91.2 billion of home loans are based on floating rates, and $93.3 billion of the total is fixed; that’s a $2.1 billion difference. Over […]
The Auckland Mortgage Market Today
It’s no secret that the mortgage market is confusing and full of technical jargon. To say that its not user-friendly would be an understatement. That said, when you examine the options before you side-by-side it can help the bigger picture come into focus. When examining potential mortgage packages, one of the major factors is the […]
First Home Buying a Distant Reality for Younger Generation?
In a time of sky-rocketing house prices, large scale national debt and financial uncertainty, it’s no surprise that the government is worried about the spending habits of its citizens. Since the dawn of the 2009 financial crisis, New Zealanders have been instructed to tighten their belt, lest our property market go the way of America’s. […]