Steep decline in buyer sentiment - ASB
The bank’s latest Housing Confidence Survey has been released and it reveals a sharp drop in house-buying sentiment nationwide in the three months to July.
A net 20% of survey respondents thought it is a bad time to buy, as compared to 3% in the last quarter.
Sentiment is at its lowest level since early 2012, and it is the first quarter since mid-2014 where every region has thought it was a bad time to buy.
ASB chief economist Nick Tuffley said the fall in sentiment is not surprising when expectations for higher house prices, as well as higher interest rates, have picked up over the quarter.
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