Mark Smith: ASB Chief Economist on house prices rising slowly, only expected to hit 2021 peaks in 2029
ASB's anticipating the upswing in the housing market will be steadier than in the past.
Its latest housing outlook predicts a more measured, household income-led recovery, rather than previous borrowing-led booms.
Chief economist Mark Smith expects national house prices to remain around 15% below the peaks of late 2021, which are unlikely to return until late 2029.
He told Mike Hosking things got so hot because interest rates were at record lows, population growth was very strong, and buyers didn't have much choice, and those things have now flipped.
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