New Zealand Housing Stays Quiet as 29% of Agents Report Fewer Open-Home Buyers
Updated
Updated · OneRoof · Jun 30
New Zealand Housing Stays Quiet as 29% of Agents Report Fewer Open-Home Buyers
2 articles · Updated · OneRoof · Jun 30
Summary
A net 29% of New Zealand agents reported fewer people at open homes in Tony Alexander’s latest survey, showing buyers remain cautious despite improving economic sentiment and easing fuel-price pressure.
A net 32% said auction attendance was down, worse than 23% a month earlier, suggesting the housing market has yet to respond to hopes the Reserve Bank may delay its first rate rise until September.
Only 14% of residential investors said they plan to buy another property in the next year, while 34% are considering selling, indicating only a mild recovery from the pullback seen during the Iran war.
A net 32% of landlords still say finding a good tenant is difficult, and investor caution is being reinforced by election-year fears of tougher tenant rules and the possible loss of interest deductibility.
Net migration improved to 23,000 over the past year from 10,000 a year earlier, but remains well below the 46,000 decade average, limiting near-term relief for an oversupplied townhouse market.