PHOTO: An early October REINZ real estate agent survey shows higher attendance at open homes and auctions. Photo credit: Getty.
More buyers fear they’ll miss out on a property despite forecasts that prices will ease, a new real estate survey shows.
In a REINZ and Tony Alexander survey of over 350 real estate agents during early October, more than three-quarters (81 percent) reported that fear of missing out (FOMO) was evident among buyers.
Over half (58 percent) said open home numbers increased month-on-month. Over a quarter (38 percent) of agents said more people were attending auctions, with 57 percent saying this was the case in Auckland.
“We ask agents each month whether they feel buyers are becoming fearful of missing out on making a property purchase. Increasingly they’re saying ‘yes’, buyers are fretting,” Alexander said.
In the September Treasury PREFU report, house prices are forecast to fall 5.1 percent by June 2021, compared to March 2020 levels. But a listings shortage, compounded by COVID-19 restrictions, has caused prices to rise. REINZ August 2020 data shows the national median house price rose 16.4 percent year-on-year, 16 percent in Auckland.
READ MORE VIA NEWSHUB
