Residential sales in Auckland in January were stronger than anticipated, according to the Real Estate Institute of New Zealand (REINZ), with figures up 19.4% compared to December[i].

REINZ Chief Executive Jen Baird said in seasonally adjusted terms, this month’s numbers showed a January that performed better than expected.

“When the seasonality is removed, the sales count numbers show Auckland performed 19.4% better than expected when compared to December,” she says.

More market activity was widely reported, with buyers showing more interest.

“Agents in many areas are reporting more attendance at open homes, more interest online and even more multi-offer situations,” Jen Baird said.

“Salespeople around the country say owner occupiers remain active, and that there has been increased interest in out-of-town buyers looking in different regions.”

Meanwhile, housing affordability metrics should continue to improve (from low levels) through 2023, according to BNZ[ii].

GDP rose 2.0% over the quarter, which was more than predicted, with annual economic growth at 6.4%.

BNZ economists have predicted that affordability will have improved back to pre-COVID levels towards the end of 2023.

Coupled with BNZ’s house price forecast, house prices could potentially increase 10-15% above pre-COVID levels by the year’s end.

Meanwhile, realestate.co.nz data has found more homes were for sale in December than in 15 years[iii], which is great news for buyers.

According to realestate.co.nz, 2022 ended with buyers' markets emerging in Auckland, Waikato, Taranaki, Hawke's Bay, Wellington, Nelson Bays, and Otago.

The regions of Coromandel, Nelson Bays, Taranaki and Central North Island saw housing stock more than double.

Nationally, the average asking price rose to $920,422 in December after falling just below $900,000 in November.

[i] https://www.reinz.co.nz/Web/Web/News/News-Articles/Market-updates/reinz_january_data.aspx?name=reinz_january_data

[ii] https://blog.bnz.co.nz/2022/12/housing-affordability-metrics-to-keep-improving-in-2023

[iii] https://www.rnz.co.nz/news/national/482178/more-houses-for-sale-in-december-than-in-previous-15-years-data-shows