Optimistic New Zealand property outlook

Country:  New Zealand

7 August 2009 

More people now expect New Zealand property prices to start appreciating again, according to the latest ASB housing confidence survey.

The bank’s survey shows that 27% of respondents interviewed at the end of Q2 expect the average price of a property in New Zealand to rise, compared to 11% at the end of the first quarter of this year. At the same time the proportion expecting lower prices fell to 31% from 57%.

ASB chief economist Nick Tuffley said: “On a month-to-month view the balance of price expectations lifted into positive territory in July, the first such reading for 18 months.”

In the past few months, aided by low mortgage rates, the New Zealand housing market had shifted from a sellers' market to a buyers' market, indicating that New Zealand property values may even start to rise.

“House prices themselves appear to be bottoming out and could even lift slightly later this year,” Mr Tuffley said.

ASB's July survey also found that a net 54% believe that now is a good time to buy a home in New Zealand, compared to 46% previously.

See Also:   ABS, Marc Da-Silva, New Zealand, Overseas property investor news

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