Former BNZ chief economist Tony Alexander, now running his own business as an economics speaker, quizzed 240 real estate agents & mortgage brokers on his subscription list last week on how they see the real estate market.
It’s not hard to learn that caution is dominant – except in one group.
“On both sides of the housing transaction, people are tending to take a wait & see attitude. Some settlements are still occurring, but most are simply being deferred. First home buyers have backed away strongly from the market, vendors not needing to sell are also pulling their properties & selling plans back. Mum & Dad investors are deeply worried about loss of rental income.”
But the group out on its own?
“Professional investors with a long-term focus have already been contacting agents expressing interest in the distressed sales they expect to come along.”
Link: Tony Alexander
Attribution: Tony Alexander.