Bargain hunters start to appear: Survey
Overall the survey shows that cost pressures in the business sector remain intense with margins under pressure and that the labour market remains tight.
In the residential property market, BNZ chief economist Tony Alexander says, “buyers are hardly anywhere to be seen, prices are falling and only vendors willing to cut asking prices quickly get sales in a reasonable time.
“Landlords are easily getting rent increases, only a few bargain hunters have appeared as yet, and property developers are pulling back as fast as they can to try and minimise losses."
The following are some selected comments that highlight what is being reported.
Residential Property Investing Auckland:
A very buoyant market for renting. I rented two properties a couple of weeks ago within 48 hours to excellent prospective tenants increasing the rent on both by 7% and 8% respectively. I've increased rents by 4% to 10% on several existing tenancies. Only one I've left alone is a Remuera two-bedroom apartment.
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