Difference in opinion on property market
Monday 8 November 2004
North Islanders, outside of Auckland, are less worried about the housing market than South Islanders, the ASB Bank's latest housing confidence survey shows.
By The LandlordIn the North Island, a net 6 per cent of survey respondents believe house prices will rise in the next 12 months. The net result is calculated from the difference between those who believe prices will rise in the next 12 months and those who do not believe prices will rise in that period.
In the South Island, mainlanders are a bit pessimistic. A net 3 per cent do not think prices will rise and a net 21 per cent do not think it's a good time to buy a house.
In the North Island, outside Auckland, people are fairly evenly split, with a net 1 per cent saying it's a good time to buy a house.
But in the city of sails, a net 8 per cent do not think it is a good time to buy and a net 15 per cent do not think prices will rise in the next year.
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There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.
Vacancy rates in the commercial property sector are set to increase as changing economic conditions dampen demand.
Take note, investors: It is "quite possible" fixed rate mortgages have hit their lowest point in this cycle, according to economists at ASB.