Housing in "risky" stage of cycle
A new ASB BANK Housing Confidence survey says there's still a lot of confidence in the housing market, but that it seems driven by the expectation of lower interest rates still to come -- and that several factors could combine to take out the steam those expectations are generating.
Monday, July 7th 2003, 4:27AM
by The Landlord
The lower rates of recent weeks and those still expected may not have changed the fact that the best time for bargain housing has long passed, ASB says, but they have stimulated housing activity again and have led to continued expectations of rising house prices.On balance, confidence in the housing market is still there. Some 38 per cent of respondents to the survey think it is a "good time" to buy housing, versus only 24 per cent who think it is a "bad time", resulting in a 14 per cent positive.
The bank points out that this is down on recent years and says that is rational, especially given that the average NZ house price is up 21 per cent in the last 2 years, June to June.
The REINZ reported record levels of turnover in May, the bank says, and both its own and real estate company figures point to another busy month in June.
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