Property prices poll

The Herald reports:

Half of all surveyed in the Property Institute’s February poll expressed an expectation prices would continue to go up in the next six months, with Wellingtonians and those aged 18 – 30 most likely to expect it to do so.

Of the 1006 people in the phone survey, 12 per cent thought the prices would drop, compared to 34 per cent who thought prices would go unchanged.

The poll also found the public ranked foreign investment as a strong influence in the market – on average 6.7/10, compared to 6.1/10 for tradespeople and developers and 6/10 for local investors.

Property Institute Chief executive Ashley Church said there had been a noticeable shift in public expectation since the last poll.

“Back in November 56 per cent of people thought property prices would keep rising in the next six months.