Trade Me survey reveals rising buyer confidence and seller readiness
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Trade Me’s latest survey, which collected responses from more than 1,700 members active in property searches, has shown a notable increase in homeowner confidence towards buying and selling in the current market.
As of December, 57% of prospective buyers believed it was a good time to purchase a home, a rise from 53% in October. Conversely, only 18% of sellers felt the current period was optimal for selling, though this was an improvement from earlier figures.
Shifting market perceptions
Decrease in selling concerns
Gavin Lloyd (pictured above), Trade Me Property’s customer director, noted that while uncertainty persists, concerns that previously deterred homeowners from selling have significantly lessened.
In October, 75% of homeowners were worried about achieving their desired selling price, but this concern dropped to 57% in the latest survey.
This decrease aligns with reduced anxieties over market conditions, the selling timeline, and the availability of potential buyers, pointing towards growing market confidence, Trade Me Property found.
Seasonal market activity
Lloyd also highlighted that the summer season typically sees an increase in market activity.
Trade Me Property, boasting the largest number of property listings in New Zealand, reported a 20% increase in residential listings compared to the same period last year. This uptick suggests an energised market heading into the new year.
Buyer intent and market conditions
Immediate buying plans
The survey further revealed that 39% of respondents planned to buy property within the next year, an increase from October.
Meanwhile, the percentage of those looking to buy within one to two years decreased, hinting that more immediate purchasing decisions are being influenced by falling interest rates and other favourable economic conditions.
Continued buyer cautions
Despite the positive trends, buyers remain cautious, particularly regarding the cost of living and mortgage payments. However, these concerns have also seen a decline since October, with cost-of-living worries dropping by 5% to 41%, and concerns over mortgage payments decreasing by 7% to 35%.
Competitive landscape
With a competitive market atmosphere, 44% of survey participants feel the pressure of increased competition in securing a property. This competitive sentiment underscores the active engagement of buyers in the New Zealand property market.
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