REINZ & Tony Alexander Real Estate Survey: Market Remains Strong

This month’s survey was sent out on September 30 and reveals FOMO remaining at the higher level registered just after the nationwide lockdown on 18 August. The responses from 357 real estate agents across New Zealand, show an increased proportion of agents feel that prices are rising in their location – a seven-month high. Investors continue to back away from making fresh purchases of existing properties, while the level of enquiry from offshore remakes is very weak.

There is a small sign that some more investors might be thinking about selling, and an unusually large jump in the proportion of agents noting that they are receiving more requests for property appraisals. This might be a precursor to more listings becoming available as we advance through spring. But we saw high appraisal activity last year without a sharp rise in new listings, so frustrated buyers might want to curb their enthusiasm for the moment.

Overall, the results show a market that is gaining extra strength, not losing it in the face of rising mortgage rates and tightening lending restrictions.

For more information, download the full report

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