Sellers' market, prices rising: Survey

A net 51% of agents said they thought prices were rising.

The report showed little change in the number of agents reporting more people going through open home. The number of written sales going unconditional has increased. BNZ chief economist Tony Alexander said that could indicate that people were locking in their purchases, anticipating tighter lending criteria.

The number of people wanting appraisals on their properties is up strongly but Alexander said that was due to a normal seasonal shift rather than any marked easing of supply constraints.

The survey asked agents outside Auckland whether they saw people moving into their region from the country’s biggest city.

Alexander said the result was inconclusive. “A net 39% of agents outside Auckland say that they are seeing signs of people moving in from Auckland. This result does not allow us to speak in terms of a rising trend however as it is in line with August’s result of a net 35% and July’s net 42%.”