BNZ-REINZ Residential Market Survey – Tony Alexander
BNZ-REINZ Residential Market Survey – Tony
Alexander Fewer first home buyers but it remains a
seller's market with rising prices.
Fewer first home buyers but it remains a seller's market with rising prices.
The 253 licensed real estate agents who responded in our survey this month have noted a falling away of first home buyers in the market but still strongly rising prices and an over-whelming perception that it is a seller’s market throughout most, but not all, of New Zealand. In contrast with the previous two months when agents noted a falling away of potential vendors asking for valuations, this month there has been an improvement, but only to a net 0%. Our BNZ Business Survey contained over two pages of responses from people in the residential real estate sector telling us that listings are scarce however and getting scarcer.
Perhaps the result which stands out most this survey is the record low net 18% of agents reporting that they are seeing more first home buyers in the market. Perhaps rules for high loan to value lending have already been tightened by banks ahead of official policy implementation by the Reserve Bank.
This month we also asked what agents thought young
buyers would do to get around such rules. Overwhelmingly the
expectation is that they will get money, guarantees, or
direct equity participation from parents. The second highest
expected option is extra finance from second tier (more
All the best
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