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Kiwis expect prices to carry on rising: ASB

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.

« Upward price momentum stalls: Barfoot and ThompsonQV reports price momentum spreading »

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Comments from our readers

On 8 May 2013 at 2:56 pm Mike Reeves said:
That will not stop the Asians throwing their money at property. Stop overseas buyers having access to our houses for God's sake!!!!
On 8 May 2013 at 7:49 pm TS said:
Not true. Read Tony Alexander's comments and survey re this. Overseas Asian buyers are a very small statistic now but yes this is predicted to change in the future.
On 9 May 2013 at 5:49 am Common Sense said:
The 'Asians' aren't really the problem with the rising costs of housing, its supply and demand mixed with the high cost of building new houses. One solution for policy makers to consider would be to introduce a foreign buyers regulation effectively allowing anyone from overseas to build a house in NZ but not buy 'second hand' houses. Thereby they pay the council's gouge tax, absorb the high cost of building materials and labour and assist in creating more housing in NZ. Australia has used this approach with some success. Sounds like a win-win to me.
On 9 May 2013 at 3:34 pm Mike Reeves said:
Yes, I agree with the "foreign buyers regulation" you mention. A good idea!! :-) But will the politicians do it - I think not.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.14 6.75 6.39
ANZ 8.64 7.74 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 7.14 6.79 6.65
ASB Bank 8.64 7.14 6.75 6.39
ASB Better Homes Top Up - - - 1.00
Avanti Finance 9.15 - - -
Basecorp Finance 9.60 - - -
Bluestone 9.24 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Classic - 7.14 6.79 6.65
BNZ - Green Home Loan top-ups - - - 1.00
BNZ - Mortgage One 8.69 - - -
BNZ - Rapid Repay 8.69 - - -
BNZ - Std, FlyBuys 8.69 7.74 7.39 7.25
BNZ - TotalMoney 8.69 - - -
CFML Loans 9.45 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 6.79 - -
Co-operative Bank - Owner Occ 8.40 6.99 6.79 6.65
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Standard 8.40 7.49 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
Heartland Bank - Online 7.99 6.89 6.55 6.35
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.69 6.59
Lender Flt 1yr 2yr 3yr
Kainga Ora 8.64 7.74 7.35 6.99
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 7.99 7.79 7.55
Kiwibank - Offset 8.50 - - -
Kiwibank Special - 6.99 6.79 6.65
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 9.00 7.65 7.25 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
Resimac - LVR < 80% 8.84 8.09 7.59 7.29
Lender Flt 1yr 2yr 3yr
Resimac - LVR < 90% 9.84 9.09 8.59 8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
Resimac - Specialist Clear (Full Doc) - - 9.49 -
SBS Bank 8.74 7.74 ▼7.09 ▲6.95
SBS Bank Special - 7.14 ▼6.49 ▲6.35
SBS Construction lending for FHB - - - -
SBS FirstHome Combo 6.19 6.14 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.95 - - -
Select Home Loans 9.24 - - -
TSB Bank 9.44 7.79 7.55 7.45
Lender Flt 1yr 2yr 3yr
TSB Special 8.64 6.99 6.75 6.65
Unity 8.64 6.99 6.79 -
Unity First Home Buyer special - 6.55 6.45 -
Wairarapa Building Society 8.60 6.95 6.85 -
Westpac 8.64 7.84 7.35 6.99
Westpac Choices Everyday 8.74 - - -
Westpac Offset 8.64 - - -
Westpac Special - 7.24 6.75 6.39
Median 8.64 7.19 7.17 6.65

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