This is the second issue of the new 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.
Apart from a reduction in offshore enquiry, every other NZ-wide measure this month is stronger than in June and a net 52% of agents are seeing buyers as more motivated to get a deal over the line than vendors. Fewer investors are looking to sell, more first home buyers are in the market, and a net 34% of agents feel that prices are rising compared with a net 18% in June.
Buyers have become more concerned about shortages of listings, and less concerned that prices might fall after they buy. But consistent with results of my other surveys, difficulties securing bank finance have jumped.