The Auckland skyline seen from North Shore's Devonport. Photo: Stephan Stockinger / 123RF
A new real estate report shows some cautious optimism in the property market.
The latest report from realestate.co.nz finds 36,870 homes are on the market - a decade high and up 10.9 percent from last year.
Sales had also increased, but at a much slower rate at 3.4 percent.
Spokesperson Vanessa Williams told Morning Report many buyers were still being cautious.
"We have had a lot of economic factors at play in the New Zealand property market. Not only have we seen those interest rates really high, we've also seen the cost of living crisis challenge most New Zealanders.
"But starting to come off that, and see those green shoots at the end of last year and flow into 2025 has been positive."
Given the economic uncertainty around the world, Williams said it was understandable many Kiwis would hold off.
"In an uncertain time [New Zealanders] are more cautious, especially around the biggest purchase you're probably ever going to make in your life."
However she noted some markets had seen particular growth.
"Nelson Bays, they've seen both year-on-year and month on month growth. We've also seen Canterbury, they're really a market that's seen slow, steady maintained growth," she said. "It's kind of quite sparse across the motu, but there is some hope out there definitely."
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