ASB expects 6% house price decline, rapid recovery

Fri, 24 Apr 2020

ASB Bank is forecasting a 6 percent drop in national house prices this year, in the face of a deteriorating labour market, falling net migration and rental declines. But the bank expects the property market to get back to current levels next year, on the back of cheap credit and a gradual recovery in the labour market.Senior economist Mike Jones said March pricing data had confirmed that the New Zealand housing market had "barrelled into lockdown" with a full head of steam.With annual price gains in the month of up to 9...

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