The property market has returned to being a sellers’ market after four years of favouring buyers, according to a fresh survey of real estate agents.
The monthly BNZ-Real Estate Institute of New Zealand residential market survey said both investors and first home buyers were showing renewed interest in residential property.
A record net 27 per cent of agents noticed more investors in the market last month, up from 19 per cent last month and just 4 per cent a year ago.
Interest from first home buyers was also strong, with a net 41 per cent of agents reporting more contact with those seeking their first step on the property ladder.
BNZ chief economist Tony Alexander said the appearance of the extra buyers suggested buyers were now more motivated than sellers, he said.
”For the first time since our survey started we feel one can say with strong confidence that the New Zealand market has shifted toward being a sellers’ market rather than
the buyers’ market which has been more the norm for the past four years,” he said in the survey commentary.