Rising interest rates have yet to dent people's expectations that house prices will continue to rise over the year ahead, especially in Auckland and Canterbury.
ASB's quarterly survey of housing market sentiment found a net 49 per cent expected house prices to rise over the next 12 months, virtually unchanged from 48 and 47 per cent in the previous two quarters and historically high by the standards of the 18-year-old survey."House price expectations have been quite resilient to the lifts in the official cash rate to date this year and the flow-on effect on floating mortgage rates," Nick Tuffley, ASB chief economist, said.
The slight easing in price expectations over the past year occurred after the Reserve Bank's restrictions on low deposit loans were implemented last October.
In Auckland a net 57 per cent of respondents expect prices to rise, up from a net 52 per cent in the April survey, and in Canterbury a net 59 per cent do, up from a net 55 per cent last time.
Asked if it was a good or bad time to buy a house, 12 per cent said it was a good time and 23 per cent a bad time. The net 11 per cent negative is the worst reading since October 2007.
"It has been weakening steadily for quite some time. Market conditions are still pretty challenging from a buyer's point of view," Tuffley said.
In Auckland a net 21 per cent consider it a bad time to buy, up from a net 10 per cent in the previous quarter.
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