Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Home Affordability Stable For Third Quarter

AMP Banking Survey - Home Affordability Stable For Third Quarter In A Row

Home affordability remained stable for the third quarter in a row, with affordability declining only slightly in the September quarter according to the latest AMP Banking Home Affordability Report.

Home affordability soared in October last year following interest rate falls and homes reached their most affordable levels in the 10 years of measurement in June this year. The September quarter saw only a small drop in affordability of 0.6% driven by a slight upward movement in the quarterly median house price of 0.7%.

AMP Banking Marketing Manager, Paul Sweet said, "continued low interest rates have been the major factor behind the stability of home affordability over the last year".

He said, "unfortunately the upward pressure on interest rates we're seeing now may threaten this stability. AMP Banking is increasingly seeing customers looking to combine floating and fixed rates as a means of protecting themselves against any movement."

The AMP Banking survey indicates that all regions showed an improvement in affordability over the last 12 months. North Island regions showed the highest improvements with Northland the most improved region at 36%. Otago and Southland showed the smallest improvements over the twelve months with 20.8% and 24% respectively. Auckland and Southland remained the least and most affordable regions respectively.

The quarterly report released today is prepared for AMP Banking by Massey University's Real Estate Analysis Unit. It combines data on housing prices, mortgage interest rates and average weekly earnings to produce a home mortgage affordability index indicator. The survey uses data information supplied from Statistics New Zealand and the Real Estate Institute of New Zealand.

ENDS....

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

57 Million Users' Data: Uber Breach "Utterly Preventatable"

Cybersecurity leader Centrify says the Uber data breach of 57 million customer and driver records - which the ride-hailing company hid for more than a year - was “utterly preventable”. More>>

Scoop 3.0: How You Can Help Scoop’s Evolution

We have big plans for 2018 as we look to expand our public interest journalism coverage, upgrade our publishing infrastructure and offer even more valuable business tools to commercial users of Scoop. More>>

Having A Cow? Dairy Product Prices Slide For Fourth Straight Auction

Dairy product prices fell at the Global Dairy Trade auction, retreating for the fourth straight auction amid signs of increased production... Whole milk powder fell 2.7 percent to US$2,778 a tonne. More>>

ALSO:

Statistics: Butter At Record $5.67/Block; High Vegetable Prices

Rising dairy prices have pushed food prices up 2.7 percent in the year to October 2017, Stats NZ said today. This followed a 3.0 percent increase in the year to September 2017. More>>

ALSO:

Science: New Research Finds Herbicides Cause Antibiotic Resistance

New University of Canterbury research confirms that the active ingredients of the commonly used herbicides, RoundUp, Kamba and 2,4-D (glyphosate, dicamba and 2,4-D, respectively), each alone cause antibiotic resistance at concentrations well below label application rates. More>>

ALSO:

CO2 And Water: Fonterra (And Dairy NZ)'s Environment Plans

Federated Farmers support Fonterra’s bold push to get to zero emissions of CO2 on the manufacturing side of the Co-operative, both in New Zealand and across its global network. More>>

ALSO: