Investors seek advice amid property boom
More investors are seeking advice as the property market heats up, according to a new survey.
Tuesday, October 27th 2020, 8:36AM
Tony Alexander's latest survey of NZ mortgage advisers reveals a net 34% of advisers "are seeing more investors looking for advice" in October.
The figure is up from a net 24% in September, Alexander said.
Alexander noted data on investor activity was "volatile" with a dip in investor interest in August. But he noted REINZ figures underlined steadily-building investor activity.
"Perhaps the adviser dip for August reflects investors not quite taking the next step of talking with advisers during Auckland’s lockdown – but they kept looking."
"It looks to me like the investors also jumped into the market soon after lockdown, got a shock from Auckland’s second lockdown, but have grown in confidence since," the former BNZ chief economist said.
The trend for first home buyers may be headed in the opposite direction.
A net 27% of respondents said that they were seeing more first home buyers looking for advice. This was slightly down from a net 40% in September.
Alexander said the slowdown in first home buyer activity could be explained by FHBs "jumping into the housing market trying to take advantage of weak conditions", but subsequently being put off by strong pricing.
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