Property crash ‘unlikely’ – experts
By Matthew Backhouse
Feb 23, 2014
An American economist’s prediction of a sudden collapse in New Zealand house prices is unlikely to eventuate, local property experts say.
Last week, Harry Dent said New Zealand house prices were in a bubble which would burst in the next few years, hitting property values by between 30 to 50 per cent.
The economist and demographer – who has been in Australia to promote his latest book, The Demographic Cliff, and to speak at seminars – said the bubble was being propped up by baby boomers, immigration and foreign buyers, especially from China.
He predicted a global fall in resource prices and the collapse of China’s own real estate bubble would trigger a house price collapse here.