One region is bucking the country's downward house price trend with record average asking prices according to data released today.
Realestate.co.nz said Southland's average asking price hit $547,269 for the first time since records began 15 years ago.
"That's up 10.6% compared to December 2021, the region bucked the trend of falling prices throughout 2022," the company said in its new report.
However, it's a buyers market in seven other regions.
"Buyers' markets emerged nationally in Hawke's Bay, Taranaki, and Otago last month, while Auckland, Waikato, and Nelson and Bays continued consecutive buyers' market streaks.
"Following a brief hiatus, Wellington also returned to a buyers' market in December after favouring property seekers for eight successive months between March and October 2022."
One of the reasons for the positive market when it comes to buying is a glut of properties on the market.
"All regions saw year-on-year total stock increases during December 2022, and four regions saw stock more than double," realestate.co.nz said.
"Growing by more than 100% was Coromandel (up 175.3%), Nelson and Bays (up 147.2%), Taranaki (up 118.6%) and Central North Island (up 110.3%). National stock levels were also up by 55.3% year-on-year."
It's not all good news for buyers though, with mortgage interest rates continuing to rise.
"In December 2021, the average two-year fixed mortgage rate was 4.73%. In November 2022, this was up to 6.75%. Money is more expensive than it was 12 months ago, which means there is less credit available to buyers," Vanessa Williams, spokesperson for realestate.co.nz said.
"Fewer buyers in the market combined with stock increases around the motu create a perfect storm where supply exceeds demand, and buyers' markets emerge."
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