November was the only month in 2022 to see house prices average below $900,000. Photo: 123RF
House prices are seeing a small spike after nearly a year of declining, according to new data from realestate.co.nz.
It follows predictions of further declines in the market into 2023.
Realestate.co.nz spokesperson Vanessa Williams said from January 2022, house prices fell $10,000 on average a month.
It was a trend that could have been expected to carry into December.
Williams said "usually we see house prices pull back from November to December", but that doesn't seem to be the case this year.
"The average asking price in November 2022 was $899,127 and in December 2022 it increased to $920,422, which is a 2.4 percent month-on-month increase."
November was the only month in 2022 to see house prices average below $900,000.
But that was still well above pre-pandemic prices, which Williams said averaged around $700,000.
"Should you have bought at that time and remarkably chose to sell at the peak of the market in January 2022, you would have seen a 42 percent increase in your property, which is a phenomenal increase and really not a sustainable market."
Most homes she said on average were transacted every six-and-a-half to seven years.
For those selling now who had also purchased at the start of the pandemic or before, things were still optimistic.
"You're still making a 32 percent increase because you've gone from $700,000 leverage to just over $920,000."
But the market she said was now slower and more stable.
"It actually gives you time to do your due diligence. It also gives you time to transact in a similar or perhaps a lower market."
