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BNZ Monthly Confidence Survey - November 2007

BNZ Monthly Confidence Survey - November 2007

Our monthly confidence survey has revealed a net 3% of respondents expect the economy will deteriorate over the coming year. This is a slight decline from a net 2% positive in October but is still the fourth highest reading since the survey started in 2005. The result is consistent with other surveys showing the business sector appears to have taken negative factors such as collapsing finance companies, the global liquidity crisis, and easing housing market in their stride.

Out of 27 comments on the residential property market six were positive, two neutral, and 19 were negative. In other words reports from the front overwhelmingly show real estate as weak. Interestingly however one or two respondents did note an improvement in recent weeks. There remain vendors unwilling to reduce asking prices apparently unaware that buyers are less eager now. Listings shortages are evident in some areas however.

http://img.scoop.co.nz/media/pdfs/0711/Results_Nov5.pdf

Tony Alexander
Chief Economist
Economics
Bank of New Zealand

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