Report reveals online effect on New Zealand property

The New Zealand property market has been “transformed” by the internet, according to a survey by online analysis company Nielsen Net Ratings.

Significant changes have taken place in the market, the study claims, largely owing to the way in which prospective overseas property investors are now able to search for homes online.

Some 86 per cent of people polled in the research said that they considered the internet to be the best tool in searching for property in New Zealand.

It was also found that the amount of face-to-face interaction that currently takes place in the sector is decreasing, as one in five property buyers and a third of sellers do not engage with an estate agent in the early stages of their transactions.

Currently, seven out of ten respondents to the Nielsen Net Rating survey spend an average of 136 minutes per week on property websites.

An overall consensus revealed that the New Zealand property market was set to stabilise over the coming months, leading to a prediction of “very active” behaviour in property research.

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