A bank survey of residential real estate sector sentiment has presented a pessimistic picture, with many professionals saying the market has turned down fast.
BNZ chief economist Tony Alexander released the monthly confidence survey this week. The survey went to 11,500 people, who were asked how their sector was going and if the economy would get better.
Results showed many people had noticed a downturn in house sales and were less optimistic about the sector’s fortunes.
Agents said the market was extremely quiet, with low sales volumes and prices dropping, particularly in Auckland.