Raine & Horne Kumeu - Hobsonville Blog

Lower house prices and lower borrowing costs spark market

Small declines in both house prices and mortgage interest rates during November made home ownership the most affordable it has been for first home buyers since October 2021. And based on the Reserve Banks language the Official Cash rate looks set to decline through 2025.

According to the Real Estate Institute of New Zealand, the national median selling price declined from $607,500 in October to $599,000 in November.

That puts it just below where it was in November last year, $600,000, but still well below its November 2021 peak of $670,000.

At the same time the average of the two-year fixed mortgage rates has continued to decline, down to 5.63% in November from 5.68% in October and 7.04% in November last year.

The average two-year fixed rate is now at its lowest point since September 2022.

Slow but steady increases in personal household income are also helping.

Interest.co.nz estimates the median take home pay for working couples aged 25-29 has been increasing by about $3 a month since the beginning of the year.

While none of the above would have made a significant impact on housing affordability levels on their own, when taken together they have made home ownership the most affordable it has been for typical first home buyers since October 2021.

The mortgage interest rates in play today are: 

Bank              Floating          2 Year

Kiwibank          7.25%             5.59%

ANZ               7.39%             5.59%

ASB               7.39%             5.49%

BNZ               7.54%             5.89%

TSB               7.39%             5.59%

Westpac           7.39%             5.49%

Refer to the prices achieved in the area property statistics page for all sales over the month by all agents.

If you are considering listing your property for sale it costs no more to use an experienced agent with a proven track record. At Raine & Horne Kumeu-Hobsonville we offer a very sensible 2.95% commission starting point and an excellent and tailored advertising program to ensure your satisfaction. 

Call Graham Mcintyre for a pre-sale check list, a market overview in your immediate area and a no obligation chat on 0276320421 or 0800 900 700. Graham McIntyre, Country Living Realty Limited t/a Raine and Horne Kumeu - Hobsonville