Price expectations up, confidence down

"House price expectations remain highest in Auckland, consistent with recent data showing a tighter supply of housing in this region compared to the rest of the country," said ASB chief economist Nick Tuffley.

"Despite the boost in price expectations across New Zealand, however, housing confidence still dropped slightly, reflecting a continued caution in the market."

The ASB Housing Confidence Index edged down two points over the quarter, with a net 25% of respondents saying now was a good time to buy a house compared to 27% in the previous quarter.

On house price expectations the survey found 44% expect to see prices rise, compared to 35% in the last quarter.