Housing optimism on the rise

Housing optimism is on the rise, despite more people thinking house prices will increase in the next year.

The latest ASB New Zealand Housing Confidence survey reveals 29 percent of respondents say now's a good time to buy a house, up 2 percent from the previous quarter.

More people also expect house prices to increase over the next 12 months, although ASB chief economist Nick Tuffley says that sentiment remains modest by past standards.

"The survey's more implying that prices are likely to be up but only fractionally," he told Newstalk ZB. "Even then there's a bit of a geographic difference, we do see in Auckland that price expectations have been a lot firmer than elsewhere."

ASB chief economist Nick Tuffley says it's likely to be a result of lower interest rates. He says that optimism is being reflected in the market.

"Turnover does look like it's already starting to pick up, it's taking slightly less time to sell a house as well. We're certainly seeing in the Auckland market that that market does seem to be strengthening quite considerably."

Nick Tuffley says there's also been a considerable rebound in housing confidence in Christchurch since the earthquake, although it remains softer than the rest of the country.

- Newstalk ZB

Source: NZ Herald

Posted: 30 May 2011

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