More properties are being listed for sale in Auckland, but sales are down.
Barfoot & Thompson property sales in Auckland for November hit a seven-year low, according to interest.co.nz.
The real estate agency sold just 757 properties last month, down from 947 properties 12 months ago.
Listings were the highest they've been for November in ten years, which has resulted in more houses on the books for the month since 2011.
Typically, the lead-up to Christmas causes a slow-down in the property market, suggesting that the new year will begin with a pile of unsold homes.
But Barfoot & Thompson director Kiri Barfoot says there's no sign of a market retreat.
"While those numbers are down on their equivalents in November last year, that was a time when the market was close to reaching its peak.
"This November's trading is a sure sign that, at current values, buyers are returning to the market."
Ms Barfoot said buyers are still seeing value in property at current prices, particularly at the high end of the market.
In November, the average Auckland property sold for $913,244, with the median price at $830,000.
Fifty-five properties sold for more than $2 million and 262 sold for more than $1 million.
"Interest from local developers and land bankers is returning, but there is still a degree of hesitancy, as they await a clearer understanding of future government policy," Ms Barfoot said.