"These latest figures show that the pace of price decline is steadying, and January also saw an overall awakening of the market," says Tim Kearins, Owner of Century 21 New Zealand.
Mr Kearins' comments follow REINZ releasing its Monthly Property Report for January – a month which saw median house prices across New Zealand decrease 13.3% annually to $762,000. Month-on-month saw a 3.5% decrease compared to December, while the median days to sell is now at 53, up 16 days compared to 12 months ago.
REINZ reported: '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.'
"January is traditionally a quieter month for summer largely because people are away on holiday, but this time round we also had to contend with the terrible flooding in Auckland, not to mention an ongoing loss of consumer confidence," says Mr Kearins.
The Century 21 leader says nationwide sales numbers were well down across the industry, but there are plenty of positive signs that things have stabilized somewhat, with many reporting improved numbers at open homes and more multi-offers.
"Yes it's a much quieter summer than we've seen in recent years, but our Century 21 agents and offices are still reporting plenty of successful transactions, with many great properties still making good money," he says.
Mr Kearins says the fact that the time it takes to sell has lengthened out somewhat is unsurprising as buyers are cautious.
"This makes complete sense when you consider all the talk around an imminent recession, the fact that it's harder to secure finance, higher interest rates, not to mention it's election year which stalls decision-making," he says.
He says all eyes will be on the next Official Cash Rate decision next week – on Wednesday, 22 February.
"More buyers are certainly starting to emerge. February and March's statistics will show us if they've decided to press play. The good news is vendors are increasingly keen to meet the market as they know this is likely to be a difficult winter," says Tim Kearins.