Interest.co.nz analysis shows total residential real estate commissions are estimated to have reached $568 million in the September quarter

Well the borrowed money changes hands, so it eventually goes into something.

Spending? Surely not!
They'd be taking those well-deserved earnings and leveraging them up, wouldn't they?
What sane person would do anything other?
No, no. They'll be out a-buying another renter or 10 so that their commissions are even more next quarter.
Easy, isn't it!

Hardly an indicator of the state of the economy

LMFAO the NZ education system is likely to make you less intelligent.

I would be very cautious personally, there is a reason this highly paid and profitable service industry has not been disintermediated. Never so more in a hot market either. I sold a house a few years back in a nice part of Auckland - gave the agent a number I was very happy at (and never thought he would get). He called me one evening to say he had sold it for $125k over my price. If it was me selling, I never would have got that $125k.

EarlyRiser
Agreed with you that market has been hot in Napier but that raises a query as to what you are basing your knowledge of the market on as valid are increasing quite quickly even on a weekly basis.
Everyone will have had different experiences and views whether agents exceed their commission with a higher sale price.
This my personal experience and view and I expect most people have different experiences and view.
I have sold quite a number of properties (homes and rentals) and have usually sold privately. As I settled, clearly I was happy with the price I achieved in terms of my market expectations - so no problems selling privately.
I was charged with selling my mothers house (also in Napier) 18 months ago. I used an agent on the basis that I wanted to avoid any criticism I wanted all to be transparent to both her and other family.
Market was just starting to take off; I did due diligence referring to the algorithm sites and informally approached a mate of 50 years who is a registered valuer. Figures were all consistent and a figure all family were happy with.
As market was taking off, the agent recommended a fixed term for offers. Within a fortnight and prior to the term finishing, they had received three offers mainly as a result of a list of potential buyers (those who were attending open homes and in particular those who had failed offers on other properties) that they had approached.
Two of the offers were consistent with our expectations. The third the agent must have thought I was a true emotionless poker player - having expectations I misheard the figure she gave. The offer was 30% above the expected upper range limit and well above any asking price I would have assigned it.
Really rocked me.
Go it alone, but appreciate that agents can sometimes more than earn their commission knowing how best to market the property and knowing potential purchasers.
All the best with your sale.
(And before anyone criticises me as having a vested interest such as being an agent - that’s ballocks.)

To Early Riser from a Late Riser, but I've got an excuse as I am well retired.
Good on you for having a go. You've done your research by keeping abreast of other sales, auctions, etc.
I've never sold through an agent.
Most vendors have to sell through an agent because they're time-pressured and they're a link in a chain of sales and they're working and haven't got the time to attend to small adjustments to do with conditional clause deadlines, and sale and possession date changes, etc.
So if you've got the time, then here's how to do it:
Buy a sheet of coreflute from say Warehouse Stationary and a couple of lengths of 2 x 2 for posts from timber merchant. Draft a few lines of information for your sign (eg 4bdrm brick and tile charmer, double garage, etc ), take a few photos of interior rooms that are particularly nice eg bathroom and kitchen and one nice one of the exterior. Then get an outfit like Speedy Signs to download your photos and give them the draft of the text you want under the photos. You can make two copies of the sign, one to go on each sign of the posts that you hammer into the grass berm. Speedy's Manukau fee was about $200 but that was 10 years ago. Don't forget to include your phone no. on sign. I almost foregot: put your property on Trade Me using same info and photos you used for your sign.
I achieved a higher price than that quoted by Real Estate Agents. It's up to you if you want to do open homes. Speedy can whip up some cheap 'open home signs'.
Buy a few Real Estate Agreement forms off Whitcoulls or from your solicitor. If someone wants to make an offer, first negotiate verbally and only then write up two or three copies, but only fill in the price, a date, a solicitor's approval date, a conditional date for the buyer to finalise finance, and a possession and transfer of ownership date, and both solicitors names and phone numbers. Don't sign anything at this stage. Tell buyers to take the agreement straight to their solicitor to get his approval and to formally sign the agreement. He will liaise with your solicitor and he will get you in to formally sign acceptance once everything's settled on. You will have already sent your copy of the agreement to your solicitor. My solicitor has never charged me more than the standard conveyancing fees for this service. Good Luck.
PS: You could also get a real estate marketing firm for a $1000 or so (Home Sell is pretty good.....google their website) .....they will walk you through procedures although they can't actually act as agents themselves ). They will put your property on Trade Me.....all included in your fee. They will provide and install a sign and even recommend an experienced independent auctioneer for about $800 or so if indeed you want one. A year or so ago the vendor of a house across the road sold this way and achieved an excellent price. He told me it cost him just over $2000 all up.

Good on him, I say

It's only a mistake if you're not enjoying your work. You seem to think that investors don't have jobs, how do you think the banks lent them the money in the first place? That's right "show me your income, then we may lend you some money". There's nothing stopping you from buying a house, either for yourself or to rent out, whilst also enjoying your day job.

There are approx 15,000 active REA licenses in New Zealand, which includes Sales People, Agents and Managers.

568 million into 15k = $38k gross per person / $120k p.a. before costs.

https://www.rea.govt.nz/news/licensing-statistics/

Also National. Both Labour and National have both helped with the housing bubble. Neither is doing much to solve it, because there is no reason to. Tehir voters don't want their house prices falling in value.