BNZ-REINZ Residential Market Survey

BNZ-REINZ Residential Market Survey

Fewer and fewer potential vendors coming forward shows the listings shortage is set to worsen.

Welcome to the July BNZ-REINZ Residential Market Survey Results

Our 26th survey of licensed real estate agents around New Zealand shows that a strong seller’s market continues. A record net 24% of agents feel that buyers are more motivated to transact than sellers. Only 21 of the 377 respondents feel that prices are falling and a strong net 46% feel that prices are rising. In Auckland this proportion is 71%, Canterbury 68%, but Wellington just 28%. As we observed last month the listings shortage appears set to get much worse. A net 19% of respondents report that they are receiving fewer requests for appraisals from potential vendors. This measure has been negative for three months now and sits at a record low. The range on offer for buyers to choose from looks like getting smaller – hence the continuing upward pressure on prices.

For the first time we have asked whether licensed agents are seeing people from Auckland looking to buy in their region. A strong net 42% report yes. Thus the rising market in Auckland may be starting to have impacts elsewhere – though we lack a time series as yet to allow us to gauge the true strength of this result.

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