Westpac's Chief Economics, Dominick Stephens predicts that Auckland's house prices will decrease in Q1 2016. Stephens states that the slowdown that occurred in Auckland in Q4 2015 was "just the beginning. " Stephens does not think that the Christchurch market is looking optimistic either. The latest figures from Statistics NZ show that there were a total of 63,900 new dwellings built between April and June this year. Places such as Hamilton, New Plymouth, Palmerston North and Invercargill are all really exposed to dairy, therefore Stephen's does not have high hopes for their respective property markets.
Westpac's Chief Economics, Dominick Stephens predicts that Auckland's house prices will decrease in Q1 2016. Stephens states that the slowdown that occurred in Auckland in Q4 2015 was "just the beginning." Stephens does not think that the Christchurch market is looking optimistic either. Stephens predictions outside of these two markets were mixed as he believes it depends on how exposed the areas are to livestock. Places such as Hamilton, New Plymouth, Palmerston North and Invercargill are all really exposed to dairy, therefore Stephen's does not have high hopes for their respective property markets.