New Zealand's median house price rose slightly last month, but property values around Aotearoa are still well down on this time last year.
That's according to figures released today by the Real Estate Institute of New Zealand (REINZ).
In October, the median house price was $825,000 - up $15,000 or 1.9% since September. But, that's still 7.5% lower than it was a year ago, with the biggest value losses over that time in Auckland and Wellington.
In Tāmaki Makaurau, median house prices are down 12.7% since last year, and in the capital, prices have dropped by 17.2%.
A few areas have registered a rise this year, though; with Northland prices up 2.9%, Nelson prices up 3.3%, West Coast prices up 7.2%, and Marlborough house prices 20.7% higher than they were this time last year, reaching a record median price.
"It is worth noting while the region's location and size mean it can be less affected by some market headwinds, the median price is more subject to variability than bigger regions due to the smaller volume of transactions," REINZ chief executive Jen Baird said.
"Time will tell if this high is the new normal or an anomaly due to a relatively small number of sales."
Around the country, the median amount of time taken to sell a house in October was 44 days, up from 34 in October 2021.
And nationally, new listings were down 4% annually - although if Auckland is excluded, New Zealand saw an annual increase of 3.3%.
Ultimately, Baird said: "Properties continue to change hands, and people continue to make life decisions. However, buyers and vendors are acting with caution, weighing up their options.
"There are signs of more buyers returning to the market. Owner occupiers — backed by equity — still dominate the market.
"But with an increase in property on the market, easing prices, and banks lending again, we see first home buyers dipping their toes in."
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