House prices


PHOTO: PETER MEECHAM/STUFF Aucklanders are expecting house prices in the region to fall during 2019/20 (file photo).

More people are expecting house prices to fall than rise for the first time in a decade, according to ASB’s latest Housing Confidence Survey.

A net 12 per cent of Aucklanders expected house prices to fall over the next year, the first time house price expectations have been in negative territory since 2009.

The previous quarter saw a net eight percent of respondents in Auckland predicting higher house prices.

However, the surveyors said the results were unsurprising, as the Auckland housing market had “clearly softened over these months”.

It predicted survey respondents may have also been influenced by the Tax Working Group recommendations released in late February, which included implementing a capital gains tax. However, that plan was later abandoned by the Government.