A MARKET AT PLATEAU — AND POISED TO TURN From its vantage point atop a deep pool of transaction data, the Institute has a clear perspective on the current state of the New Zealand property market. Dixon characterizes the moment as a plateau, with signs of a turn ahead. “There’s a lot of supply in the market,” he notes,“but as we go into the winter months, new listings start to contract. So we’ll see supply move back to more realistic levels.” Properties are currently sitting on the market for around 45 to 50 days, and historically optimistic vendors are beginning to realign their expectations with what buyers are prepared to pay. This environment creates opportunities, particularly for first-home buyers. With more stock available and less of the “fear of missing out” that characterized earlier boom periods, purchasers can afford to be more selective and measured in their decisions.The Institute’s outlook suggests a modest price recovery over the next six to twelve months, with anticipated growth in the three to five percent range over a twelve-month window rather than the steep swings of recent years. TECHNOLOGY, AI, AND THE NEXT WAVE OF CHANGE While property cycles ebb and flow, the pace of technological change is clearly accelerating. Dixon sees technology—particularly AI—as one of the most dynamic forces reshaping the profession. “Technology is probably the area where we’re getting the most movement,” he says, pointing to the period since the launch of widely accessible AI tools like ChatGPT. What began as an experimental add-on is now being embedded in workflow, with specialist proptech providers incorporating AI into their platforms. The New Zealand market has seen a growing number of local proptechs, alongside Australian and US entrants, building solutions for everything from marketing to data analysis. Dixon also expects that blockchain, once hyped as an imminent revolution for property transactions, will quietly find its place in more niche applications. Partial ownership and distributed ownership structures are likely candidates, where blockchain’s transparency and security can add value without overhauling the entire transaction system. The challenge—and opportunity—will be driving adoption across a profession that changes slowly. “We still sell physical sale and purchase agreements by the bundle,” Dixon notes. “There will always be agents who are comfortable filling out forms by hand.” However, as younger professionals in their 20s and 30s move into leadership positions, qualify as 88 BUSINESS VIEW OCEANIA VOLUME 07, ISSUE 12
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