Property market set to decline, says Cullen
Finance Minister Michael Cullen has warned property investors a slowdown in demand will hit house prices and the wider economy in the next two years.
Sunday, July 31st 2005, 9:19AM
by The Landlord
Speaking at a Wellington Property Investors Association function last night, Dr Cullen reiterated that the Labour Government wanted New Zealanders to invest in shares as well as in property."We have made no secret of the fact that we would like to see an increase of domestic savings with diversification into a wider range of investment vehicles," Dr Cullen said.
"We think it is important over time that we become a nation of share owners as well as, but not instead of, a nation of home owners."
Dr Cullen's comments follow survey results from ASB showing investor confidence plunging in the June quarter to its lowest level in two years, but that confidence was still highest in rental property rather than shares or bank accounts.
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