The Canterbury property market has recorded a modest lift in values, with the median house price increasing 3.4% year-on-year to $700,000, according to the latest data from Real Estate Institute of New Zealand.

The median number of days to sell in Canterbury was 50 days, slightly above the 10-year January average of 45 days.

REINZ Chief Executive Lizzy Ryley said all buyer groups were active throughout January, although investors in Timaru appeared more cautious.

“Vendor expectations regarding asking prices were realistic, with alignment between buyers and sellers,” Ryley said. “Although some vendors anticipated the market would lift more quickly than current conditions suggest.”

Open home attendance was strong, particularly for newer listings, signalling steady buyer interest. However, auction room activity remained subdued during January, with many auction campaigns scheduled to begin in February.

While market sentiment was influenced by poor weather conditions, confidence levels have improved.