Affordability under pressure - ASB

That’s according to ASB’s latest Housing Confidence Survey which shows that house price expectations are up for the third quarter in a row.

A net 54% of respondents to the survey, which covers the three months to January, now expect higher prices, as compared to a net 27% last quarter.

This boost was largely led by Auckland with a lift from net 2% to net 42% expecting house prices to rise. All other regions also experienced an increase but on a more measured scale.

ASB chief economist Nick Tuffley says the continued lift in house price expectations is very much consistent with their reading of the New Zealand housing market tea leaves.