More signs housing market slowing
Tuesday 9 November 2004
ASB Bank’s latest survey of housing confidence suggests that while the housing market is slowing, steep declines in house prices are unlikely.
By The Landlord
"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.
Read More - Opens in a new window
Commenting is closed
House Prices
No stopping Capital price rises
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.
Commercial
NZ proptech start-up scores major investor
Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.
Mortgages
LVR limits slow down investors
LVR speed limits continue to have a "strong effect" on investors, according to CoreLogic, after the latest Reserve Bank data showed a drop in investor borrowing.
