Property buyers from New Zealand are becoming more cautious about entering the real estate market, with more than a third of investors saying that they will not be adding to their portfolios at the moment.
According to the results of the ANZ Property Investment Survey, 36 per cent of those questioned have no plans to buy another property up from 24 per cent last year. NZ Property Investors' Federation president Martin Evans said that the figure was reflective of the fact that many buyers were reluctant to expose themselves to high levels of borrowing in the current climate.
However, the majority of Kiwis questioned still believe that property is the investment of choice and offers the best potential for returns.
"Most remain confident that well-kept, long-term property investments achieving market rent will prove to be the most productive investment choice," Mr Evans said. "The move by investors to manage their property investments more conservatively is a realistic response to the changes in the tax and economic environments."
- Tuesday 09 November 2010