Housing Market Strong
Our August BNZ-REINZ Residential Market Survey has found that not only in Auckland but in some other parts of the country a sellers market dominates. Price pressure is upward on average nationwide but particularly in Auckland, Canterbury, and Otago. Only in Northland does there appear to be a wave of potential sellers appearing whereas in Auckland and again in Otago few potential vendors appear to be stepping forward.
With NZ interest rates set to stay low for a long time, mild signs that net migration flows may be turning around, and high awareness on the part of investors of the housing sector gains, strength in the residential real estate sector appears set to last through at least this year and next – though with continuing supply issues.