Welcome to 2023

Welcome to 2023.

I hope you are well rested and enjoyed your time with family and friends.

With the median house paid for property in December 2022 barely moving from where it was in September and the gap between Vendors expectations and buyers closing, increased activity is expected for the property market.

To quote Peter Thompson, Managing Director

“In December, the median price paid was $1,067,500, the second highest median price in the past four months. In the first eight months of the year the median price declined gradually, but then stopped falling and has remained static since.

A similar pattern can be seen in the average sales price, which at $1,155,131 for December, was the highest average price in three months.

Overall, 2022 was a challenging one for property and was dominated by extremely low sales numbers and falling prices.

During the year we sold 37 percent fewer homes than in 2021, and the average number of homes sold each month at 706 was our lowest since 2010. However, while prices fell, they have remained at high levels when compared to those being achieved in the early part of 2021 and before they peaked in the last quarter of 2021. 

The stability of prices over the past four months has resulted in the median monthly sales price for the 2022 calendar year being $1,117,000, which is 1.4 percent higher than that for 2021.“

Peter Thompson, Managing Director

As the OCR announcements are due to be made in February and May this year, it is not a foregone conclusion that the rate will be increased. 

Numbers of Cruise Ships visiting NZ are on the increase in 2023 for the first time in ages and our Tourism on the up and up, all having a positive effect on our economy.

Rock on 2023!

With warm regards,

Debbie Debbie Gordon Barfoot and Thompson