Slow 2023 start to residential market

Barfoot & Thompson, the city’s biggest real estate company, sold just 431 residential properties.

Barfoot & Thompson managing director Peter Thompson says while January is invariably the lowest sales month of the year, last month stands out for its lack of buyer commitment.

“There is a good level of buyer interest in the marketplace with agents reporting that attendances at open homes throughout January were higher than they were in the last quarter of last year.

“However, buyers continued to sit on the side line in January, presumably either waiting for prices to fall even more, are cautious about mortgage interest rates or are finding obtaining financing too challenging.”