Thursday 13th January 2011
QV.co.nz Housing Survey
More people now expect house prices to rise in 2011
The results of the latest survey of the New Zealand housing market carried out by QV.co.nz shows an increase in the number of people who think that house prices are going to rise in the next 12 months. There are now more people who believe that prices will rise than those who believe they will drop, a reversal of the results of our June survey.
Property values are still the main factor affecting people’s decision to buy or sell, while financial pressures have become a factor for more people as the fallout from the recession continues.
In continuing signs of a buyers’ market, there has been a further increase in the number of people who believe that now is a good time to buy. In contrast there remain very few who believe that now is a good time to sell.
There has been an increase in the number of people intending to buy or sell in the next 12 months. Nearly half of those intending to sell are looking to do so within 3 months, whereas only just over a quarter intend to buy within 3 months. This could lead to a continuation of the 2010 market where there were plenty of properties for sale, but few selling.
Fewer property investors intend to sell this year, and far fewer intend to buy, so this part of market may stay subdued for some time yet.
Rents in the next 6 months appear to be more stable than was the case back in June with more intending to keep rent the same or increase 1 to 5%.
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