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Number of buyers waiting for 'the crash' drops - Canstar Blue

Contributor:
Fuseworks Media
Fuseworks Media

Latest Canstar Blue research of 1,104 Kiwis shows only 4% of buyers holding out for ‘the crash’ Commenting on the latest findings, Canstar Blue general manager Jose George says:

"The same survey in 2016 showed significantly more people - 11% - were holding out for substantial price drops in the property market but it’s a very different sentiment filtering through this year. In Auckland and Wellington the drop is even bigger going from 15% of people in both areas last year to 6% and 5%, respectively, this year.

"It’s an interesting scenario because although the property market is definitely more challenging for buyers than this time 12 months ago, the latest data from the Real Estate Institute of New Zealand shows that prices continue to rise, albeit at a slower rate. The drop in the number of people holding out for property prices to reduce suggests that people could be facing up to the strong possibility that prices are not going to crash."

The same survey also revealed that the number of people living further away because of price, has risen from 8% to 13%. Regionally, Wellington showed an increase from 11% of people last year to 18% this year but the biggest increase is in the Waikato which has jumped from 8% to 17%. Median house prices for these areas are shown below.

MEDIAN HOUSE PRICES

Sept 2016 / Sept 2017

National / $525,000 / $519,000

Auckland / $845,000 / $845,000

Waikato / $480,000 / $458,000

Wellington / $531,000 / $480,000

Data: Real Estate Institute of New Zealand

George continues:

"Although it’s clear that LVR and bank lending restrictions are having an effect on the market, it’s also clear that the pressure and challenges facing home buyers continues. However, there does look to be a change in attitude with more buyers working with the realities of today’s market instead of holding on and hoping for major change in the future.

Satisfied customers

As part of the survey, Canstar Blue also asks consumers to rate their real estate agent against a number of ‘drivers of satisfaction’. We are delighted to announce that for 2017, our Customer Satisfaction Award goes to LJ Hooker.

Accepting the award Keith Niederer, General Manager said:

"This award is testament to the professionalism, dedication and commitment to superior customer service from our entire network across New Zealand.

"In today’s competitive marketplace to become the market leaders in customer satisfaction is an achievement that all at LJ Hooker can be proud of. Hard work, open honest communication and persistence certainly pays off.

"Congratulations to the entire team at LJ Hooker."

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