Property

More signs housing market slowing

ASB Bank’s latest survey of housing confidence suggests that while the housing market is slowing, steep declines in house prices are unlikely.

Tuesday, November 09th 2004

"As with previous cycles in the New Zealand housing market, any declines look likely to be modest on average, especially against an average 52% gain in house prices over the last three years," says ASB chief economist Anthony Byett.

"Unlike during other cycles, the economy continues to grow and no recession is expected."

The survey found a net 7% of the 600 people surveyed think it isn’t a good time to buy a house and that a net 2% think house prices will fall.

However, Byett notes that the most common response (from 41%) to the latter question was that house prices would stay the same.

The responses to both these questions are unchanged from three months ago, but slightly more, 75% expect interest rates to rise further, up from 68% three months ago.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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