Thursday 17th January 2013
|Text too small?|
The hot property market is making consumers more confident in Auckland and they expect house prices to rise more in the next two years.
That is according to the ANZ-Roy Morgan NZ consumer confidence survey for January, which otherwise shows a mixed picture nationally.
The national headline consumer confidence index firmed to 118.3 in January from 114.7 in December but when seasonally adjusted eased to 112 from 115.
In Auckland, the index rose six points to a 2.5 year high.
"You will need to look no further than the sharp lift in the property prices for the reason of renewed enthusiasm in Auckland, though we note house price expectations in New Zealand's largest city were unchanged" Cameron Bagrie, chief economist at ANZ, said.
Still, house price expectations are the highest in Auckland, with a 4.4 percent lift in prices expected in the next two years.
Confidence levels in Wellington and Canterbury were weaker in January.
Nationally the future conditions index was unchanged at 119 and the current conditions index lifted eight points to 117. The current conditions index in Auckland was at a five-year high.
A net 38 percent of respondents believed it was a good time to buy a major household item, the highest reading since 2007.
No comments yet
Regional house price inflation accelerates in October
Sanford FY earnings flat on reduced volumes
NZ dollar extends gains, aided by US-China trade doubts
12th November 2019 Morning Report
MARKET CLOSE: NZ shares gain, retirement villages buoyed by Auckland housing market bounce
NZ dollar rises, shrugging off US-China trade war woes
Long-serving ACC investment chief calls it a day
Institutional investors continue to shun Fonterra
Card spending stalls; dearer petrol crowds out other goods
Abano directors cave to takeover by scheme of arrangement