First home buyers returning to the scene…
The New Zealand residential property market is improving but there is still a large gap between buyers believing house prices will fall and sellers believing they will hold steady, according to a new BNZ-REINZ Market Survey.
The survey of real estate agents found that on average around the country, and particularly in Auckland, buyers are appearing more frequently at open homes.
They are also backing out of sales at a decreasing rate, and are becoming more active at auctions.
“There are more investors in the market but there is a more noticeable increased presence of first home buyers,” the survey’s authors said.
A net 37 percent of respondents say clearance rates, or the number of houses that sell at auction, are rising.
A net 32 percent of respondents feel there are more investors looking for properties than a month ago and a net 50 percent say the number of first time buyers is increasing.
“In a nutshell, the results so far tell us that prices are flat, sellers are accepting of the situation, but that more and more buyers are coming out of the woodwork attending open homes, bidding at auctions and going unconditional on their offers,” the survey said.
Report – Business Day – Stuff.co.nz
