Survey may hearten RB guv
Reserve Bank governor Alan Bollard may be heartened by ASB Bank’s latest survey findings that expectations of house price increases are rapidly diminishing.
Monday, August 9th 2004, 9:39AM
by The Landlord
The survey covering the three months ended July shows only a net 2% now expect house prices to continue to rise over the next 12 months, down from a net 12% three months earlier and down from an average net 50% through 2003."People are being realistic in not expecting to see a repeat of the large price increases of the last two years," says ASB chief economist Anthony Byett.
The latest figures showed the national median house price has risen from $184,000 in June 2002 to $243,000 in June 2004, a 32% increase.
The survey also shows most people have got Bollard’s message that interest rates are rising: a net 68% expect interest rates to rise further. That’s up from 58% three months ago.
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