August 2013
Featured in this insight: Financial services, International
New Zealand market research finds growing numbers of people no longer think now is the right time to buy a house: According to the latest ASB Housing Confidence Survey, there has been a marked downturn in the number of people picking now as a good time to buy a house. The survey shows that a fifth (21%) – of respondents thought now was a good time to buy a house – whilst the same proportion said now was a bad time to buy. This leaving a net 0% of respondents picking now as a good time to buy, down from a tenth (8%) in April and (13%) in January 2013.
Two fifths (42%) reported it was neither a good nor bad time to buy, while one in ten (16%) didn’t know.
In Auckland, the numbers of people picking this as a bad time to buy a house continued to surge. In the latest survey a net 15% of respondents said it was a bad time, up from a tenth (10%) in April and 1% in January.
The number expecting increasing housing prices dropped from a record two thirds (63%) in April, to just over half (56%). However, ASB says this is likely a result of change in survey provider and “slight methodology differences.”
ASB Chief Economist Nick Tuffley and Senior Economist Jane Turner, said:
"...Fundamentals, such as income and population growth and relatively low interest rates, will continue to support housing demand over the coming year".
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