Survey of agents shows buyer caution easing slowly as war fears recede
New Zealand's residential property market remains solidly weighted in buyers' favour, according to the latest NZHL Property Report by economist Tony Alexander (pictured), based on responses from 280 licensed real estate agents nationwide.
A net 37% of agents say vendors remain the more motivated party in negotiations, continuing a pattern that has held since early 2022.
Auction and open home attendance both remain net negative — a net 31% of agents report fewer people at auctions and a net 27% report fewer at open homes — but both measures have improved from the lows recorded at the end of April, when the fallout from the Middle East conflict was at its most acute.
Alexander notes buyer interest "still remains constrained as compared with the situation before the outbreak of hostilities," though the direction of change is now "at least towards the positive for most indicators."
Price falls persist despite ceasefire
A net 38% of agents still report falling prices in their area, little changed from 37% the previous month, consistent with separate REINZ and Cotality data.
Cotality's own June figures bear this out: the national median dwelling value fell to $806,512, down 0.9% year-on-year, with Cotality chief property economist Kelvin Davidson noting that even with the ceasefire holding, "housing conditions are still tilted in buyers' favour, suggesting little chance of runaway prices anytime soon."
First-home buyers hold steady, investors stay cautious
First-home buyer activity has plateaued rather than reversed, with a net 28% of agents reporting more first-time buyers in the market — a pattern Cotality also observed earlier in the year, when it identified first-home buyers as the most reliable demand segment nationally even as overall sales volumes softened.
Alexander observes that the ceasefire and falling energy prices have not yet translated into renewed first-home buyer demand.
Investor demand shows little sign of recovery, with a net 45% of agents still reporting fewer investors active in the market. Motivation is thin on the ground: 49% of agents say nothing is currently driving investor interest, while 38% point to hopes of finding a bargain as the main remaining pull — a factor that has been trending down since mid-2025.
FOMO among buyers has also faded to just 6% of agents reporting it, reinforcing that urgency remains largely absent from the current market.
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