The latest survey of real estate agents by economist Tony Alexander and the Real Estate Institute of NZ paints a grim picture of the housing market as it heads into winter. Almost every indicator from the survey points to a rapidly cooling market, including:Fewer potential buyers attending auctions. A net 70% agents reported that prices are falling in their location. In October last year a net 60% of agents reported that prices were rising, so the market has turned quickly. Last year this was a major driver of the market but last month just 4% of agents reported seeing FOMO, while 73% reported seeing FOOP (fear of over-paying).

Source: Stuff June 09, 2022 02:02 UTC