House prices

PHOTO: SIMON O’CONNOR/STUFF ASB said the coronavirus outbreak had “changed the game” for the housing market.

Expect house prices to fall for the next six months, ASB says.

It had earlier predicted house price inflation to peak this year at an annual rate of 8.6 per cent in June.

But it said the outbreak of coronavirus had “changed the game”.

House prices would fall 0.5 per cent in the June quarter and 1 per cent in the September quarter, economist Mike Jones said.

On an annual price change basis, he expected growth to slump from 6.5 per cent now to 1.8 per cent by December.