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Housing market is swinging in buyers' favour: survey
Thursday 21st of February 2008
Most people expect the Reserve Bank to hike interest rates again and that has helped price expectations decline despite more believing now is a good time to buy, ASB chief economist Nick Tuffley said.
He said there was a good prospect house prices would fall, albeit modestly.
"There is a myth in that house prices do not fall in New Zealand, but in reality the Quotable Value statistics indicate there were price declines in each of 1991, 1998 and 2000,"
"Nevertheless, we expect any house price declines this year to be modest."
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