Housing confidence still upbeat
A net 37% of respondents to the ASB Housing Confidence survey agreed it was a good time to buy a house in the three months ended January 31, compared to a net 48% in the three months through October. Some 50% were positive, compared to 59% in the previous period, and 13% were negative compared to 11%.
"Respondents are firmly optimistic on now being a good time to buy," said chief economist Nick Tuffley. "However, that optimism has moderated from the past two quarters' exuberance."
The property market was "patchy" in January according to QV Valuations and economists have talked down the revival in housing with weak sales volumes and low number of mortgage approvals hinting rising prices were off the back of a small turnover of houses.
A net 48% of respondents to the ASB survey expect house prices to increase in the coming year, compared to 40% in October, led by expectations for Auckland house prices.
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