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ASB's Housing Confidence Survey shows a majority of Aucklanders think it's a bad time to buy a house

Property
ASB's Housing Confidence Survey shows a majority of Aucklanders think it's a bad time to buy a house

There is a great divide in people's house price expectations between those who live in Auckland and those who live elsewhere.

ASB's latest Housing Confidence Survey show that a majority of people everywhere except Auckland think it is a good time to buy a house.

Compared to the rest of the country, Aucklanders have a pessimistic outlook on the housing market with a net 16% thinking it's a bad time to buy a house in spite of the net 39% of Aucklanders who think house prices in the region will keep increasing.

Housing confidence was highest in North Island areas excluding Auckland, where a net 61% of survey respondents think house prices will increase.

Price expectations were lowest in Canterbury where a net 37% of people thought prices would increase.

"Influenced by higher Auckland house prices, the spill-over effect from Auckland property prices in earlier quarters and due to still declining interest rates, we expect the nationwide average house price to increase around 5-6% over 2016," ASB chief economist Nick Tuffley said.

"We expect the Reserve Bank to cut the OCR by an additional 50 basis points over 2016," he said.

Housing confidence

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Source: ASB
Source: ASB

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5 Comments

Did the survey include
"members of immediate family a New Zealand citizen or a holder of either a
resident, work or student visa?” Yes/No

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Aucklanders think it's a bad time to buy property in Auckland.....rest of the country ok. That's what I'm seeing

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That's exactly it. Anyone who has bought there now will spend the next 30+ years paying it off while eating beans for dinner.

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Ha, becasue the majority of aucklanders do not have a million bucks to plonk down on the table.

A small proportion do.... the onces buying the houses.

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theres a sucker born every minute...

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