News in brief: TSB Bank drops rates

by NZ Adviser02 Dec 2015
TSB Bank drops rates 
TSB Bank has cut its six-month fixed home loan rate 4.99% from 5.29% to on Monday, joining SBS Bank, Cooperative Bank and BNZ

Waikato and Bay of Plenty asking prices hit record highs
According to data from Realestate.co.nz, average asking prices in the Waikato, Bay of Plenty and Coromandel regions reached record highs over November, as the national average asking prices of homes for sale continues to plateau reach record average asking prices in November, bucking national trend

In Waikato, the average asking price in November was $413,067 (up from $403,640 in August).

In Bay of Plenty, the new record is $487,025 (up from $481,730 in October) and in the Coromandel the new high is $554,303 (up from $539,597 in September). 

In Auckland, the average asking price for Auckland apartments has sky-rocketed by 31.5% in 12 months to a new record high of $660,000.

“We’ve seen the asking price of apartments in Auckland increase strongly and steadily over the last 24 months,” says CEO of Realestate.co.nz. Brendon Skipper. “This has driven the national average, which has now breached the $600,000 mark for the first time, only eight months after the national average asking price for apartments first broke the $500,000 barrier in March.”

Business confidence climbs 
Business confidence reached a six month high over November, according to ANZ’s Business Outlook for November.

“A net 15% of businesses are optimistic about the general economy over the year ahead. The service sector is the most optimistic, and agriculture the least, although the latter still showed improvement over the month,” the report said.

“Some of the lift in confidence can be put down to the approach of summer; we simply feel better with the sun on our backs and the holiday season approaching. Stripping out this mild seasonal effect saw most measures still hold onto or improve on last month’s gains.”

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