Property confidence dips but still highest
Investor confidence in residential property is still the highest compared to other forms of investment, a survey shows.
Wednesday, July 27th 2005, 12:23PM
The ASB Bank Investor Confidence Survey for the second quarter of 2005 shows that although confidence in the residential rental property market has declined to 21% this quarter (down 3 points)it is still the highest compared to confidence in other types of investments.
The survey shows that confidence in residential rental property dipped to 19% (down 5 points) at the beginning of the second quarter then increased slightly in May and in June was at 21%. This is still lower than it was at the beginning of the year.
James Mitchell, the head of relationship banking and financial services at ASB, said while residential rental property did drop, it remained very highly regarded by investors.
“In recent months there has been great debate in the media about the property market and the drop is probably indicative of this.”
Of other investment areas the survey showed that second equal ranked were bank saving accounts and term deposits on 13% (down 2% and 1% respectively) ahead of managed investments 10% (down 2%) and shares 6% (down from 7%), which both continued recent downward trends.
The analysis was based on 780 telephone interviews with adults aged 18 years and older throughout New Zealand. The survey has a maximum margin of error of +3.51 at 95% confidence.
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