A clutch of fresh record highs emerged yesterday around the housing market.
BNZ Chief Economist Tony Alexander has led the debate around non-resident buying of homes in Auckland with his BNZ-REINZ survey of real estate agents' views and his call for Australian-style restrictions. The issue is shaping up as a big one for the September 20 election and now Alexander has raised the prospect of a greater surge of investment from China that could leave houses in Auckland empty. He suggested even Australian-style restrictions may not be enough to dampen house price growth.
BNZ 's monthly confidence survey has found net confidence about the economy at record highs, but real estate industry respondents said first home buyers had withdrawn from the market because of the Reserve Bank's high LVR speed limit, easing pressure on house prices. Some also pointed to a sharp drop in auction clearance rates in Auckland in recent weeks.
First home buyers have virtually disappeared from the housing market, a BNZ REINZ survey of real estate agents in November has found.