Trends we are noticing are:

  • More owner occupiers than investors
  • Properties are staying on the market for longer
  • More negotiation happening

“January 2023 figures show house prices have declined but at a slower rate than seen previously.”

“High interest rates, the ability to secure finance, commentary around a looming recession and this being election year can be added to factors for slow decision making from buyers. As a result, properties are spending longer on the market with 53 being the median days to sell for January 2023, 16 days longer compared to January 2022.” – Jen Baird (REINZ CEO)

Canterbury market overview

Compared to January 2022

• Median price down 1.5%
• Sales count down 24.6%
• Days to sell increased by 14 days

Compared to December 2022

• Median price down 2.2%
• Sales count down by 50.2%
• Days to sell increased by 12 days

National market overview

Median prices for residential property across New Zealand decreased 13.3% annually. Excluding Auckland, the median house price has decreased by 9.3% compared to last year.  Moving from December 2022 to January 2023, the national median house price decreased by 3.5%. The seasonally adjusted figures show a very slight increase of 0.2% moving from December 2022 into January 2023.

Information sourced from REINZ
Real Estate Institute New Zealand