Estate agents are reporting an increasing number of investors' active in the property market, according to the latest BNZ-REINZ survey.
The survey quizzes licensed estate agents about the state of the property market and found that nationwide, just over 19% of agents have reported investors' buying property.
"This is a significant development not so much for the small increase from 15% in our April survey but because this makes four months in a row of agents reporting more investors," the report said.
Investor activity was especially pronounced in Hamilton, where 43.8% of agents' reported investors' buying, followed by Manukau City (42.1%) and Dunedin City/Otago (40%).
The survey also found an increase in the net percentage of agents' reporting first-time buyers' activity and a fall in the number of requests for written appraisals.
"The result of these changes is a surge to a record net 64% of licensed agents reporting that dwelling prices are rising," the report said.
"The April result for this measure was just 25% and in May last year a net 7% reported that prices were falling."
The report states that while clear evidence points to a rising house prices the market remains balanced with an absence of panic buying.
"Prices are increasing, but again we reiterate - as the Reserve Bank Governor did earlier this week - there is no ‘boom' underway. Just a growing level of interest from first home buyers and investors in particular and an absence of rush listings."
Source: Landlords.co.nzcomments powered by Disqus