While things are looking bright for the Auckland residential property market in coming months, confidence has softened in both Wellington and Christchurch.
The latest quarterly surveys by Massey University's Real Estate Analysis Unit show:
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A positive outlook for Auckland's property market over the next three months. Numbers of house sales and price levels are expected to stay the same or increase across the market. However, any rise in house prices should be modest because of a reasonable flow of property listings and the high levels of household debt.
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In Wellington, the outlook only remains positive for houses in the low and medium price ranges. For sections, units or apartments and higher priced housing, the vast majority of those people surveyed expect no change in prices or even a decline.
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Confidence is also lower in Christchurch and, like Wellington, the outlook is strongest for low and medium priced housing. Most people surveyed expect sales volumes and prices for sections, units or apartments and higher priced housing to stay the same over the next quarter.
The survey results are based on questionnaires completed in each city by local real estate market experts including bankers, solicitors, estate agents, valuers and property analysts. The Real Estate Analysis Unit says that panelists have, in the past, predicted the correct direction of changes in sales volumes "with a high level of accuracy".
How residential property markets are expected to perform over the next six months:
| City | Stay the same | Improve | Deteriorate | N/A | | ------------ | ----------------- | ----------- | --------------- | ------- | | Auckland | 41% | 59% | 0 | 0 | | Wellington | 65% | 26% | 9% | 0 | | Christchurch | 58% | 34% | 4% | 4% |
