Housing market to cool? Yeah Right
Ongoing talk on ways to cool the blistering housing market isn’t resonating with Kiwis according to the latest ASB Housing Confidence Survey, with expectations for New Zealand house prices now sitting at a record high.
ASB senior economist Mike Jones says, “after a brief dip during lockdown, price expectations have spiked. In October a net 67% of people expected house prices to keep rising over the coming year – the highest month in the 24-year history of the survey.”
Jones says: “Rightly or wrongly, these results suggest housing is increasingly being perceived as a ‘one-way bet’."
He says the Reserve Bank's move to bring back LVR restrictions back and the roll-back of some other policy supports, "promise to take a little heat out of what may otherwise have been a summer scorcher,” Jones says.
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