Sydney house price downturn could dampen Auckland prices

Tue, 11 Dec 2018

By Jenny Ruth Dec. 12 (BusinessDesk) - The sharp fall in house prices in Sydney this year, down almost 10 percent from their peak in 2017, could have a dampening effect on Auckland's property market, although the shortage of local houses, lower mortgage rates and still elevated net migration will counter any impact. ASB Bank economist Mark Smith said New Zealand house prices broadly track those in Australia and prices in Auckland and Sydney are closely related, a relationship that has tightened since the GFC a decade ago. “Evidence of...

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