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A Hamilton real estate company says the market's well and truly cooling down and vendors need to manage expectations.
With the Reserve Bank lending restrictions, bank preapprovals with less than 20 per cent deposits are now hard to come by.
At a recent auction four out of five bidders had their bank preapprovals removed the same day as the auction.
Lodge Real Estate Managing Director, Jeremy O’Rourke told Heather du Plessis-Allan it’s hard to see a price decrease happening.
“We would expect that price growth will be relatively flat next year.”
“Banks are having to meet The Reserve Bank rules and so, they’ve got to get their own lending in line.”