Investors, first-home buyers active: Survey
This month’s REINZ/BNZ survey of residential real estate agents has found results similar to last month's.
Thursday, September 13th 2012, 12:00AM
by The Landlord
Buyers are seen to be more motivated than sellers and a strong net 41% of agents feel that prices are rising and both investors and first-home buyers are active in the market.
The survey said that with interest rates remaining low, the market was likely to stay firm with help from rising construction costs and a shortage of property.
A net 37% of agents reported more people coming through their open homes, up from 27% in August, although the survey said that could be due to the time of year.
Other survey data showed that auction clearance rates were rising. A net 25% of agents said more people were asking for appraisals, up from 2% in August.
Prices are perceived as rising and agents reported that it was still a sellers’ market. The shift appears to have happened in May and strengthened since then. However that is not the case everywhere: In Northland, Bay of Plenty, Manawatu/Wanganui and Nelson, Marlborough and the West Coast, it is still seen as a buyers’ market.
The poor quality of listings was seen as the main factor holding buyers back.
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