Mixed bag for the big cities
Auckland's stable, Wellington's dipped and Christchurch is stable. That's the word from the latest market survey by Massey University.
Wednesday, December 22nd 1999, 12:00AM
by Paul McBeth
Auckland's stable, Wellington's dipped and the Christchurch market is flat.
That's the word from Massey University's Real Estate Analysis Unit, via a December quarterly roundup of the three cities. In its regular survey of confidence in the residential property market, it found that:
- Confidence in the Auckland market next year is likely to be underpinned by a strengthening economy and by interest rates that should remain below their 1996-98 peaks.
- In Wellington, confidence is down in all market sectors. However, optimists still outweigh pessimists for low and medium-priced housing. Some of those surveyed said that the growth in Wellington house prices over the last few years has started to erode housing affordability and confidence.
- The outlook for the Christchurch residential property market is little changed from three months ago, with a net 17 per cent of those surveyed expecting the market to improve over the next six months. Some panellists said that a lot of new sections were coming onto the market on the city outskirts and this has caused a softening in some section prices.
The surveys are based on questionnaires completed by market specialists in each city, including estate agents, solicitors, developers, valuers and property analysts.
Paul is a staff writer for Good Returns based in Wellington.
| « National house prices improve | One year fixed interest rates universally rise » |
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