Weekly home loan approvals reach NZ$1.3 bln, the highest value for 3yrs with volumes at highest level in almost 3yrs, Reserve Bank data shows
April 5, 2012
By Gareth Vaughan
More home loans were approved last week than in any week since June 2009 with the value of mortgages approved topping NZ$1.3 billion, the highest level since April 2009, Reserve Bank data shows.
The central bank’s weekly mortgage approval data shows 7,245 mortgages were approved in the week ended March 30 valued at NZ$1.302 billion. The last time the volume was higher was 7,395 approvals in the week ended June 19, 2009, and the last time the value was greater was NZ$1.346 billion in the week ended April 3, 2009.
The weekly volume was up 18% year-on-year based on a comparison of the most recent 13 weeks of data to the same 13 weeks last year, with the value up 40%.
The figures for the week to March 30 continues a recent resurgence with the volume of approvals topping 7,000 (valued at NZ$1.165 billion) for the first time since September 2009 as recently as the week to March 16th
However to give some longer-term context, by volume the highest number of weekly approvals is 11,193 in the week ended December 15, 2006 and the highest value recorded – since the Reserve Bank started tracking the data in October 2003 – is NZ$1.542 billion in the week to March 16, 2007.