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No ‘boom' but investor activity on the up, survey reveals

Estate agents are reporting an increasing number of investors' active in the property market, according to the latest BNZ-REINZ survey.

The survey quizzes licensed estate agents about the state of the property market and found that nationwide, just over 19% of agents have reported investors' buying property.

"This is a significant development not so much for the small increase from 15% in our April survey but because this makes four months in a row of agents reporting more investors," the report said.

Investor activity was especially pronounced in Hamilton, where 43.8% of agents' reported investors' buying, followed by Manukau City (42.1%) and Dunedin City/Otago (40%).

The survey also found an increase in the net percentage of agents' reporting first-time buyers' activity and a fall in the number of requests for written appraisals.

"The result of these changes is a surge to a record net 64% of licensed agents reporting that dwelling prices are rising," the report said.

"The April result for this measure was just 25% and in May last year a net 7% reported that prices were falling."

The report states that while clear evidence points to a rising house prices the market remains balanced with an absence of panic buying.

"Prices are increasing, but again we reiterate - as the Reserve Bank Governor did earlier this week - there is no ‘boom' underway. Just a growing level of interest from first home buyers and investors in particular and an absence of rush listings."


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