February housing market update: It's getting hot out there

In most of NZ, the housing market remained hot in the early months of 2019.  Prices continue to grow strongly as the market remains supply constrained, with momentum continuing in recent hot spots.  Some areas that showed signs of cooling (such as the Bay of Plenty) have tightened over recent months, seeing price growth accelerate over January and February. 

Auckland’s housing market has remained broadly balanced over the past year, with prices trending sideways over the past three months.  However, indicators suggest Auckland house prices may be in for a fall over Q2 2019.

Northland’s housing market has slowed sharply in recent months, with weak demand in the wake of the foreign buyer restriction and house listings remaining elevated.

Canterbury’s housing market has been broadly balanced over the past year, but we expect low levels of new supply coming onto the market may see prices start to lift over 2019.


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Nick Tuffley

ASB Chief Economist

Since starting out in 1997 as an economist, it's fair to say Nick has seen a few hair-raising moments over the years, including the Asian Financial Crisis and the Global Financial Crisis.

One of Nick's strengths is his ability to communicate complex ideas in a readily understandable and entertaining way.  He thrives on helping people understand the economic environment to help enrich the quality of their business or personal life. He’s proud to lead a team that has won two Forecast Accuracy Awards from Consensus Economics, and has a strong track record with their Official Cash Rate and dairy price forecasts. 

Nick grew up in Christchurch and graduated with a Master of Commerce degree from the University of Canterbury.  He learned his economic ropes at the Reserve Bank of New Zealand before a long stint as a Senior Economist at Westpac, and joined ASB as Chief Economist in 2007.

Mark Smith

Senior Economist

Mark joined ASB in 2017, with over 20 years of public and private sector experience working as an economist in New Zealand and the UK.

His resume includes lengthy stints at ANZ and the Reserve Bank of New Zealand, and he has also worked at the Bank of England, HM Treasury and the New Zealand Transport Agency. Mark's areas of specialisation include interest rate strategy, macro-economic analysis and urban economics.

Born and bred in the Waikato, Mark studied at Waikato University where he graduated with a Master of Social Sciences, majoring in Economics.

Mark's key strengths are the ability to use his extensive experience, inquisitive nature, analytical ability, creativity and pragmatism to dig a little deeper and to deliver common sense solutions to tackle complex problems.

When not at work Mark likes to travel, keep fit and spend time with his friends and family.