Sky Rocketing Approvals

Whatever the commentators are cautioning, isn’t fazing home buyers who continue to vote with their cheque books

Should any moves be made to discourage buyers  – as has been suggested may be in next weeks budget – you can be sure it will put yet more upward pressure on rents.

You can bet the house on it.

More than NZ$1 billion worth of mortgages approved
Strongest run since 2007

May 17, 2012 – Gareth Vaughan

More than NZ$1 billion worth of mortgages were approved last week, according to the Reserve Bank meaning 12 of the last 13 weeks – with Easter the exception – have seen more than NZ$1 billion worth of approvals.

The last time the data, which the Reserve Bank has been tracking since October 2003, saw a run of NZ$1 billion plus weeks like this was in 2007 when 19 of 20 weeks from January to June saw at least NZ$1 billion worth of mortgages approved.

All up in the week ended May 11, 6,736 mortgages were approved valued at NZ$1.140 billion. That compares with 5,431 worth NZ$815 million in the week ended May 13 last year. The weekly volume was up 23.1% year-on-year based on a comparison of the most recent 13 weeks of data to the same 13 weeks last year, with value up 43.4% based on the same measure.

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