In my latest survey of real estate agents around the country a net 2% have said that sellers now are in the stronger position in negotiations with buyers. I haven’t yet broken down the data at the regional level, but a month ago Auckland was already in a small seller’s market, and I expect that has grown more strongly in this month’s survey.
I can also report that for the first time since November 2021 my reading for FOMO now exceeds my reading for FOOP. The former acronym refers to fear of missing out, the latter to fear of over-paying. A gross 33% of agents now say that buyers are worried about missing out whereas that reading was 19% at the end of June and ranged between 4% and 9% for the previous months from February 2022.