JUNE 2023 | MARKET UPDATE

June’s month-on-month price increase here on the North Shore was the first notable increase in 12 months – another indicator the market has passed the bottom of the cycle.

As buyers rapidly return to the market, the increase in sales is eating into current stock volumes. The urgency amongst buyers has been evident with Open home attendance up and auction rooms over-flowing.

This surge in activity combined with reduced stock levels will continue to place upward pressure on prices. Inflation has fallen to its lowest levels since late 2021, yet at 6% still more than its target band, meaning the OCR will likely need to remain high for an extended period. 

It is however another data point heading in the right direction for a return to sustainable growth in house prices. Despite being mid-Winter the market reaction to the changing climate is evident and a renewed level of activity emerging.