Confidence soars to new high

In its latest survey of investor confidence, out today, investor confidence was up 7 percentage points to 24 per cent, the highest point since the survey began six years ago. One in three people interviewed expected better returns on their investments in 2004 compared with 2003, it said.

"For over a year, rising house prices have buoyed investor confidence and this appears set to continue for at least the next few quarters of 2004," said James Mitchell, ASB Bank's head of relationship banking.

Wellington house prices were up 18 per cent in the past year, according to recent Real Estate Institute figures, with some markets such as Nelson, even stronger.

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