Expert Panel Expects Auckland House Price to Continue Rising for Next Six Months
A panel of property experts including agents, managers, valuers and brokers says that the home prices are likely to continue their upward swing with the demand outpacing the supply. The experts gathered by the Property Institute, generally give a feel in terms of the market movement trends in each quarter.
Ashley Church, the chief executive of the institute said that in spite of speculation that hinted at a different direction, the valuers collectively predicted that there will be further price hikes for homes in Auckland in the coming six months and that's going to be for all the price categories, big and small. Less than half of the panel members said that it's likely for the numbers of home sales to increase in Auckland.
Church said , "Stricter loan-to-value ratios and tighter rules around property investment certainly appear to be having an impact on sales volumes at the lower end of the market as young couples and investors disappear but they're having no discernable impact on prices." He also added that in the mean time a growing number of mid-range and high end properties owners choose to sit back and hold their homes hoping to maximizing their capital gains effectively which is narrowing the market that's already facing a tight situation.
Although the panel was predicting the trends for the coming six months but Olly Newland, the veteran property investor is less confident regarding the long-term situation for the housing market in Auckland.
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