Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Poll shows ‘second wind’ in house price expectations

Property Institute Poll shows ‘second wind’ in house price expectations

Property Institute of New Zealand Chief Executive Ashley Church says the latest Institute-commissioned poll on house price expectations shows a big bounce in the number of people expecting house prices to rise.

According to the regular poll, the number of people expecting house prices to rise in the next six months has almost doubled and now sits at 34% - a big jump over the November figure of just 18%.

“If these figures flow through into house prices – we may be in for a second burst of house price inflation over the next few months as the much touted ‘second wind’ hits the kiwi property market”.

Mr Church says that property insiders often talk of a ‘second wind’ in houses prices which kicks in toward the end of a property cycle – but says that, to the extent that this can be measured, it is usually short lived. He also says that there is no evidence, yet, that renewed price confidence is spilling over into higher prices’

“We’re not yet seeing a jump in prices being paid – but the jump in confidence is definitely real and measurable”.

“There’s also a big drop in the number of people who expect house prices to decrease – down from 24%, in November, to just 12% now - a further indicator that the vast majority of people haven’t bought into the idea of a market correction”.

Mr Church notes that the number of people expecting prices to stay the same is virtually unchanged - up just 2%, to 48%, since November”.

Other findings from the poll

• People in smaller towns are most likely to expect house price rises (43%)
• Wellington is the most bullish of the main centres with 34% of people expecting house prices to rise in the next six months
• People in Christchurch are least likely to expect house price increases (20%) and 26% of Cantabrians are likely to pick a price decrease
• Aucklanders, by a majority of 54%, are most likely to think that property prices have stabilised.

Ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

NIWA: Scientists Say Methane Emitted By Humans ‘vastly Underestimated’

NIWA researchers have helped unlock information trapped in ancient air samples from Greenland and Antarctica that shows the amount of methane humans are emitting into the atmosphere from fossil fuels has been vastly underestimated... More>>

ALSO:

SMC Expert Reaction: Record Dry Spells And Effects On Forests

With no rain forecast before Sunday, Auckland is about to break a record for the city's longest dry spell. Niwa says Auckland is likely to hit 40 consecutive days without rain this weekend . The upper North Island is seeing severe meterological ... More>>

ALSO:

Reserve Bank: Official Cash Rate Remains At 1.0 Percent

The Monetary Policy Committee has decided to keep the Official Cash Rate (OCR) at 1.0 percent. Employment is at or slightly above its maximum sustainable level while consumer price inflation is close to the 2 percent mid-point of our target range. ... More>>

ALSO:



Science Media Centre: Novel Coronavirus Detected In China – Expert Reaction

The virus was detected after more than 40 people were hospitalised with pneumonia in Wuhan City, China and the outbreak traced to a large animal and seafood market. The Centers for Disease Control and Prevention reports that person-to-person transmission ... More>>

ALSO:

Science Media Centre: Flooding could release toxic gas – Expert Reaction

A chemical substance known as ouvea premix stored at an old paper mill in Mataura could release toxic ammonia gas if it comes in contact with water.More>>

ALSO: