Housing Confidence: Fuel crisis drives interest rate expectations higher
- House price expectations have pared back in the wake of the fuel crisis sparked by the outbreak of conflict in the Middle East. Auckland led the decline in house price expectations, suggesting the Super City may be more exposed to lifts in mortgage rates and fuel prices
- Buying sentiment remains relatively positive in the North Island, although did ease back – possibly due to the anticipated rise in mortgage rates impacting affordability. Nonetheless, it appears that housing supply remains a key factor underpinning home buying sentiment
- Cantabrians appear less concerned by the prospect of higher inflation and interest rates, at least when it comes to how it will impact the housing market, and Canterbury expectations for house prices remain relatively buoyant. Canterbury housing market conditions have tightened, and it is now viewed as a less favourable time to buy
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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.
- Email: Nick