January 2025
With the market showing signs of recovery, it was great to see strong results in January, reinforcing that we are moving away from last year’s low. Sales activity was particularly encouraging, with 177 properties sold—the highest January total since 2016 and a significant 62.4% increase on January 2024.
As a result, the median price rose by $25,000 from December, now sitting at $750,000. While this is usual for January, it does represent increased activity in higher value properties.
Stock levels also saw a sharp rise, increasing from 878 listings in December to 1,032 in January and climbing. This is a typical seasonal trend as people settle into the new year with fresh goals, career moves, school changes, and other life transitions. For buyers, this means more choice in the market.
Currently, properties are averaging around 45 days on the market, though we anticipate this to extend slightly in February as we work through higher stock levels. However, with continued strong sales, we expect increased buyer competition, which could push prices up and reduce time on the market.
Breaking down January sales:
60 sales under $700,000 (down 36 from December)
74 sales between $700,000 and $900,000 (unchanged)
17 sales from $900,000 to $1 million (up 7)
13 sales in the $1 million to $1.2 million range (down 6)
13 sales over $1.2 million (down 4)
It was also positive to see the Reserve Bank lower the OCR to 3.75%, with banks passing on interest rate reductions across all terms. Further rate decreases are forecast into 2025, making this an opportune time for buyers to act before competition heats up.
For sellers, with more listings available, it is critical to have the right strategy in place. Buyers have options, so strong presentation, effective marketing, and competitive pricing will be key to securing a sale.
If you are on the market or wanting to come to market talk to us as it is important to have the right strategy as buyers have numerous homes to choose from, presentation, marketing and pricing to sell is critical.
Thinking of Selling?
Now is a great time! Buyers are eager to secure homes, so whether you're upsizing or downsizing, reach out to Ray or Christine for a no-pressure chat. We can provide an updated market valuation and expert advice to help you navigate this evolving market.
Thank you for taking the time to read through this months market update, reach out if you have any real estate questions, we are here to help.
Choose us and position your home for success
If you or someone you know is contemplating selling in such a strong market, don’t delay and talk to us today about an up to date market appraisal and how to set the right strategy to achieve a premium sale price for your property.
