Key Facts

  • A recent real estate survey indicates a decline in the number of agents witnessing house price increases in their locations.
  • The report was based on the views of 324 respondents, with 28% indicating rising house prices in November 2023, down from 34% in October.
  • Agents observed house price increases in all regions, with exceptions being Taranaki, Manawatū-Whanganui, and Southland.
  • Instances of FOMO (fear of missing out) among buyers declined to 28%, from 33% and 40% in the previous two months.
  • The highest FOMO rate was reported in Wellington at 48%, with no instances in Taranaki and Southland.
  • Despite these figures, the report indicates no ongoing frenzy in the residential real estate market on average across New Zealand.
  • 47% of agents reported an increase in first-home buyers, notably above the three-and-a-half year average of 13%.
  • However, there was no significant increase in property speculators in November 2023, with only 22% of agents reporting an increase.

Article Summary

A recent survey conducted by independent economist Tony Alexander for the New Zealand Home Loans Property Report has disclosed a decreasing number of agents noticing an increase in house prices in their local areas. Of the 324 participants, only 28% observed price increases in November, a fall from the 34% recorded in October. Despite this, the report concluded that there is still upward momentum for property prices.

The survey further indicated that, aside from Taranaki, Manawatū-Whanganui, and Southland, prices continue to rise in all other regions. Simultaneously, fear of missing out (FOMO) among property buyers has decreased to 28% from 33% and 40% in the previous two months. However, FOMO in Wellington stood high at 48%.

While the housing market does not seem to be in a frenzy, an increased presence of first-home buyers has been reported, with 47% of agents noting an increase. This trend is anticipated to continue through summer absent a sudden influx of investors. In contrast, there was no significant upsurge of additional property speculators in November, with only 22% of agents noticing an increase.

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