Auckland Housing Market Stable According to ASB Housing Confidence Survey

More people believe now is a good time to buy property, especially in Auckland, according to the latest ASB Housing Confidence Survey. National house price expectations have reached a six-and-a-half year low, and in Auckland these expectations have fallen to an eight-year low. This means that homebuyers in Auckland believe now is a good time to invest in property.

ASB Chief Economist Nick Tuffley says the change in attitude is most likely due to Auckland’s softening house prices. Annual price growth rates have slowed sharply in North Island regions such as Auckland, Tauranga and Hamilton. While the Auckland property market is proving to be stable, price expectations in the South Island have risen.

The survey shows a discrepancy between the North and South Islands. Expectations that house prices will rise in the South Island have lifted to a net 30% from 29%, with Canterbury leading the race at a net 11% up from 8%. The North Island on the other hand is down to a net 20% from 23%. These statistics are comparisons from the last ASB survey and the latest one.

Auckland is the fastest growing city in the country, so those who want to settle in the Big Smoke permanently should start looking at buying a house while the market is steady. Similarly, if you are considering selling a house, this is when you’ll have lots of potential buyers showing interest. Team MZ are real estate agents on the North Shore who can help buyers and sellers in Auckland.

To enquire further, contact Team MZ.