Sales and median price fall in December

"December's residential property sales volumes flagged a little relative to November," said REINZ chief executive Helen O'Sullivan.

But while volumes have ebbed, December's sales were higher than in the months of August to October of the same year. That's relatively rare, as December volumes are usually lower than even the winter months, and bodes well for activity levels in the New Year."

O'Sullivan said the decline in turnover has followed a fall in listings in December and in the number of houses on the market after good sales in November.

"December sales volumes are always subject to the timing and impact of the great New Zealand Christmas shut down and January's figures will provide a better picture of market activity over summer," she said.