Kiwis expect prices to carry on rising: ASB

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Almost two-thirds of people expect house prices to continue to rise over the next year, according to the latest ASB Housing Confidence Survey.

Wednesday, May 8th 2013, 12:00AM 4 Comments

by The Landlord

That is the strongest level recorded by the survey.

In the three months to April, a net 63% of respondents said they expected prices to rise over the next 12 months, above the previous peak of 61% in January 2003.

ASB chief economist Nick Tuffley said: “The strongest lift in house price expectations came from the South Island excluding Christchurch, reflecting a broadening in housing market activity over the past six months.”

He said  Auckland and Christchurch were experiencing a drop in the numbers of people who thought it was a good time to buy, as supply constraints kept house price growth in double digits.

“Low levels of new listings and strong buyer competition are affecting housing confidence, with an increase in the number of respondents seeing now as a bad time to buy in Auckland or Christchurch. Outside of these areas, housing confidence remains positive but is falling as demand and prices start to increase across the country,” Tuffley said.

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