PHOTO: Tony Alexander
Welcome to the REINZ & Tony Alexander Real Estate Survey. This survey gathers together the views of licensed real estate agents all over New Zealand regarding how they are seeing conditions in the residential property market in their areas at the moment. We ask them how activity levels are changing, what the views of first home buyers and investors are, and the factors which are affecting sentiment of those two large groups.
Conditions remain very strong in the residential real estate market all around the country, with all measures of demand and price pressure in our survey rising over the month – as
most did also in early-October. A net 47% of the 381 agents completing the survey said that more people are attending auctions, and a net 59% are seeing more people attending
Open Homes.
Unsurprisingly, with buyer interest so strong, a net 97% of agents report that in their area prices are rising while a net 88% say buyers are gripped by FOMO – fear of missing out. The key change over the past month has been a rise in the proportion of agents reporting that they are seeing more investors, to a net 59% from 38% in our October survey.
Is there hope for the increasing number of frustrated buyers? A net 32% of agents report that they are receiving more requests for property appraisals with a view to selling.
So, new listings numbers look like they will continue to rise.
However, a net 15% of agents say that they are seeing fewer investors selling. When asked what is motivating investors to buy, 83% cite interest rate levels, but a far lower 27% cite
expectations of price rises.
SOURCE: REINZ
READ THE FULL REPORT HERE: Tony Alexander_Report_November_2020
