WHAT IS THE REAL ESTATE INSTITUTE SAYING ABOUT THE MARKET?

The Real Estate Institute of New Zealand’s (REINZ) January 2023 figures show house prices have declined but at a slower rate than seen previously. 

“Tāmaki Makaurau saw its median price decrease annually by 21.7% to $940,000 in January 2023. This is the first time since January 2021 that Auckland has had a median price under $1,000,000.

The flooding events which occurred at the end of January impacted auctions and open homes. Auckland salespeople say at this point it’s hard to gauge whether people will want to enter the market or whether they will become more cautious in the coming weeks and months following the floods.

January saw the amount of sales decrease by 29.9% year-on-year, largely due to lending criteria, rising interest rates, weather events and the cost of living.”

Our non-franchised network of agents working with a variety of buyers from across the city is at your service in this challenging market!