As we move into the new year, many are wondering what the housing market has in store for us in 2023. To get a clear picture of the market, we took a look at the latest real estate stats.
When we look at the year on year median prices – everything looks down with Auckland at -$15.2%. However when we dig a little deeper and compare Feb to Jan this year, it may feel like the housing market has landed. Auckland would seem like 7% increase or 3.2% seasonally adjusted.
Anecdotally it seems the open homes and auction rooms feels a little busier, however it might be a bit early to call. Some of the activity could be a backlog from the rains clearing. As we know the months where we would have expected some optimism (summer), a lot of us were stuck inside wondering when the rain would stop.
Despite these fluctuations, it’s important to remember that the housing market is cyclical and that a temporary slowdown doesn’t necessarily mean a long-term trend. Real estate is not short term gig and you have to plan for the possibility of a flat market.
I personally have been through a seven year lull on the first home I owned which actually doubled in nearly half that time following.
