REINZ & Tony Alexander Real Estate Survey: Buyers’ market now in place

PHOTO: Tony Alexander

We reckon it is the BEST property news update in NZ!

The Government’s Credit Contracts and Consumer Finance Act (CCCFA) changes have had a substantial impact on the residential real estate market, especially for first home buyers. Whereas it was the 23 March announcement on tax changes that encouraged many investors to step back from purchasing anew, the CCCFA changes from December 1 have prevented even willing and well capitalised first home buyers and older people from making a purchase.

Surprise start to the year for the property market

In this month’s survey, which garnered 385 responses, records have been set for the pullback in first home buyer market presence, attendance at open homes, presence of first home buyers, and interest from offshore.

The measure of FOMO – fear of missing out on the part of buyers – is at a record low, and a record 89% of agents say that a key concern of buyers is the inability to get finance. 69% of agents also say buyers are worried about interest rates, and a record low 26% say lack of listings is a concern.

For more information, please see the report HERE: Tony Alexander Report – Feb 2022