Realestate.co.nz spokeswoman Vanessa Williams said there were early signs of momentum, but there was still caution in the market — a situation which characterised much of last year.
Last month’s New Zealand Property Report showed the national average asking price dropped 1.5% year-on-year to $856,730 in January, and new listings were off to a slow start, but some regions remained strong.
The West Coast led the charge with an all-time record asking price high of $585,881 in January — up 17.4% from $498,909 in January last year.
The Central Otago and Queenstown Lakes districts also climbed — up 12.0% to $1,621,022.
Other regions recording January highs were Gisborne (up 8.2% year-on-year to $705,145) and Canterbury (up 0.2% to $719,184).
At the other end of the scale, Marlborough experienced the largest drop in average asking price, falling 12.6% from $773,711 to $676,223.
Ms Williams said although the national average had softened slightly, regional highs reflected ongoing buyer interest and vendor confidence, particularly in lifestyle-driven markets.
"After a long period of price stability, the market is finding its feet again.
"What we’re seeing is confidence returning in areas where lifestyle, value and long-term appeal align."
Nationwide new listings were up just 1.3% year-on-year in January to 9019.
The West Coast was one of four regions to record double-digit growth, with 80 new listings (up 14.3%).
Again, at the other end of the scale, Marlborough recorded the greatest year-on-year decline in new listings with a drop of 27.4%.
Other regions experiencing a double-digit year-on-year decline in new listings were Central Otago/Queenstown Lakes district (down 21.4% from 234) Coromandel (down 18.3% from 131), Wairarapa (down 16.7% from 120), Otago (down 14.2% from 352), Southland (down 12.0% from 209), and Central North Island (down 10.2% from 147).
"Parts of the South Island and holiday hotspots like Coromandel have had a quieter start, suggesting some sellers may still be waiting to see how the year unfolds," she said.
"We’re seeing strong listings and solid sales volumes, but buyers are still taking their time.
"Banks are busy with mortgage pre-approvals, so buyers are getting ready, but they remain cautious.
"If they’re waiting for pre-election promises or further OCR [official cash rate] cuts, they could miss out.
"There’s plenty of stock on the market to choose from, which makes the new year a good time to transact."
Some regions were showing strong momentum, while others were still finding their stride.
"Overall, it’s a patchy but promising start to the year for New Zealand’s property market.
"It’s a reminder that while national figures can indicate overall stability, local market conditions are still playing a big role."
