Competition for housing in Wellington frustrating for buyers

The Wellington property market is perking up, with a rapid rise in the number of homes sold, and prices are ticking up after a flat patch.
The median price in the Wellington region increased by 5.3 per cent on last year, which equated to about $21,000, according to latest Real Estate Institute figures out on Tuesday.
Agents say the market is as busy as they have even seen it, and in some cases many buyers are after the same property.
In March, house sales volumes were up almost 20 per cent on the same month last year, REINZ figures show.
As competition for property in Wellington heats up, the process of buying a home is proving frustrating for many.

Read more
Statistics on Insurance Claims in New Zealand

Insurance claims statistics in New Zealand are available for all lines of insurance, from life and health to income protection and mortgage repayment insurance. According to the Insurance Council of New Zealand, which represents the general insurance and fire insurance industry in the country, an estimated $2 billion in claims are paid out in a typical year. But let’s delve deeper into more specific lines of insurance.
Personal Insurance Claims Statistics
As a whole, New Zealand personal insurance companies paid out millions of dollars in claims under their income protection, critical illness, trauma, total permanent disablement (TPD) and life insurance policies.

Read more
Exception for Mortgage Rate

It was revealed yesterday that the CPI contracted 0.2% in the final quarter of last year, bringing annual inflation to 0.8%, below the Reserve Bank’s target band.
Bank economists said that meant borrowers with home loans would not need to worry about interest rate rises any time soon.
Westpac’s economists said they expected inflation to stay below 1% until the end of this year.
They said that would keep the OCR on hold until June 2016 – although the prospect of a hike was so distant that it was a red herring to discuss exactly when it might happen.(

Read more