Auckland’s property market has made a traditional slow start to the year, but January listings were up compared to the same time last year, according to a major real estate agency.

However, sales for the month of January totalled 504, down 41.1% on December.

Barfoot & Thompson managing director Peter Thompson said that it is a feature of the holiday season, especially when the Auckland region has “outstanding weather”.

“Sales numbers are normally their lowest for any month of the year in January and it is also the month when only a small number of homes selling in the $2 million plus price segment occur.”

Only 25 homes sold at the top end of the market, and represented only 5% of properties sold, Thompson said.

The median price for the month at $966k was down 7.1% on December’s median price, and the average price at $1.083m was down 8.3%.

However, there were 1221 new listings for the month, up 83.3% on December and 32.7% higher than January 2023.

Thompson said vendors were confident the market has found its feet and were “strongly” re-entering the market.

“At the same time, anecdotal comments from agents suggest there is a solid group of buyers currently sitting on the sidelines waiting for the Government to implement its announced modifications to property investment rules.

“Once implemented, those changes have the potential to significantly increase buyer demand.”