14 Oct 2020

'FOMO' contributing to skyrocketing house prices - REINZ

From Morning Report, 8:10 am on 14 October 2020

FOMO - or the fear of missing out - is playing its part in a relentless surge in the country's house prices, according to the Real Estate Institute of New Zealand.

Chief executive Bindi Norwell has previously been reluctant to attribute psychological reasons for the skyrocketing prices but is now convinced it is a factor.

The institute's monthly figures for September show 8377 properties were sold nationwide - a year-on-year increase of 37 percent. 

The national median house price for September rose sharply to a record $685,000 dollars.

Norwell speaks to Corin Dann.