News in brief: Auction sale rate declines

by NZ Adviser14 Oct 2015
Auction sale rate declines
A director of the city's biggest agency has reminded sellers to be "realistic" on pricing as less than 50% of Auckland residential properties were sold at three major auctions, according to the NZ Herald.

Barfoot & Thompson auction results last week showed high numbers of the places not drawing a bid, being passed in or withdrawn.

Kiri Barfoot, a Barfoot director told the paper that their auction clearance rates were in the 80s and 90s on a good day last year.

"Yet for the city/eastern area, the rates are 57 per cent and for mortgagee auctions, they were 100 per cent because four out of four properties sold," she said.

Mortgage broker Bruce Patten said, "There has been a frenzy of activity in the investment space before the banks changed their policies."

Interest rates keep falling 
ANZ has made the latest changes to interest rates, down to 4.35% for its one year special and 4.49% for two years.

Conditions on both include Minimum 20% equity, ANZ transaction account with salary direct credited plus any ANZ Credit Card or Insurance. Not available with package discounts.

ANZ’s six month rate sits at 5.15% and 4.95% for 18 months.  

The Co-operative Bank dropped both its 18 month and two year rates to 4.49%, effective today and ASB Bank’s special six month, 18 month and two year rates have been lowered to 4.85%, 4.49% and 4.49% respectively.

HSBC’s special rates are still market leading with their one and two year rates at 4.25%.

New director at ASB
ASB Bank recently appointed Dame Therese Walsh as a new director.

Walsh, a chartered accountant, is currently a director of NZX, deputy chair of TVNZ, and a trustee of Wellington Stadium and sits on a number of Government advisory panels including chairing the International Aid Selection Panel.

She was most recently head of New Zealand for Cricket World Cup 2015 Limited and was previously the chief operating officer for Rugby NZ 2011 Limited.

ASB chairman Gavin Walker says Dame Therese is a highly respected executive with broad management and governance skills in the private and public sectors.

“We are delighted to welcome Dame Therese to the board,” Mr Walker says. “She brings a range of expertise in leading large, complex organizations and projects that will benefit the board and ASB more broadly.”

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