Record numbers of real estate agents view the current house market as a "sellers" market, according to the latest BNZ-REINZ residential market survey.
BNZ chief economist Tony Alexander said a record net 24% of the agents responding to the survey felt that buyers were currently more motivated than sellers to do a house deal.
In addition, a "strong" net 46% of agents felt that prices were rising. In Auckland a net 71% of agents saw prices as rising, Alexander said.
Latest REINZ figures out this week for June showed an increase in national median house prices, while annual price inflation in the super-hot Auckland market is now running at nearly 20%.
The market strength is coming on the back of a chronic shortage of houses listed for sale.
Auckland's biggest real estate firm Barfoot & Thompson last week reported its house listings were at an all-time low, while Realestate.co.nz reported the national housing inventory was at historic lows.
"As we observed last month, the listings shortage appears set to get much worse," Alexander said.
A net 19% of agents responding to the latest survey (same result as last month) reported that they were receiving fewer requests for appraisals from potential sellers of houses.
"This measure has been negative for three months now and sits at a record low," Alexander said.
"The range on offer for buyers to choose from looks like getting smaller - hence the continuing upward pressure on prices."
For the first time the survey this month included a question on whether agents from outside Auckland were now seeing people from Auckland looking to buy in their region.
Obviously, if this were the case it would indicate that Aucklanders are looking elsewhere to find affordable housing.
Alexander said that a "strong" net 42% of agents reported that Aucklanders were looking in their regions.
"Thus the rising market in Auckland may be starting to have impacts elsewhere - though we lack a time-series as yet to allow us to gauge the true strength of this result," he said.
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