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House Volumes up, interest rates down – Things are getting exciting!

We’ve all seen the news, and it’s pretty exciting at the moment.

In an article on interest.co.nz, REINZ was quoted with the following statistics:

The REINZ recorded 6791 residential property sales throughout the country in October, up 15.5% compared to October last year, providing a reasonably buoyant start to the crucial summer sales period.

Sales numbers were up compared to October last year in 13 of the REINZ’s 16 sales districts, with the exceptions being Bay of Plenty, Taranaki and Tasman, where sales were basically flat compared to a year ago.

Prices also held their ground, with the national median selling price setting a new record of $562,000 in October, although the national median price has stayed within a very narrow band since March, suggesting prices are largely flat. The previous record national median price was $560,000 set in March, May and June this year.

In Auckland 1948 residential properties were sold in October, up 15.2% compared to October last year, while the Auckland median price was $865,000, up $13,000, or 1.5%, from $852,000 in September and $850,000 in October last year. However, that’s still below the October 2016 median of $880,000, suggesting prices in Auckland remain mostly stable. The record Auckland median price was $900,000 in March 2017.

In other main centres, strong sales gains compared to October last year were recorded in the Waikato +18.5%, Wellington region +10.4%, Canterbury +28.7% and Otago +23.4% (see the charts below for the full regional sales volumes and median price trends).

Interest Rates News

I’m sure we’ve all seen the new about the latest mortgage interest rate war, with most banks now offering 1 year fixed term loans at 3.95% with speculation that the Reserve Bank will ease LVR (Loan to value ratio) restriction in the not-too-distant future, making it easier for buyers to get into the market.

There are so many strategies to consider using all this information, so that you can take advantage of the current climate to your advantage.

The first step is to get in touch with us and sit down for an informal chat and map out a few strategies. Let us get you the best mix of loans and interest rates to achieve your goals, whether that is to refinance your loans, unlock some equity in your property to do renovations or just re-fix your loans and lock those rates in for the next few years. It’s so easy to get us to put a plan in place for you and help you execute it.

Ring us today on 0800 001 787 or email Mike at mike@riverstone.kiwi

We are friendly and easy to work with, and the best part is that there is usually no cost to have us do this work for you.