The Auckland property market is showing the first faint signs of life in 15 months.
The city's largest real estate agency, Barfoot and Thompson, says the number of sales are up, and so too are prices and the number of new listings.
But the figures are up for just one month, in one region.
Despite that, a veteran property investor believes we could be seeing the start of a turnaround.
"There are buyers out there, and they are still a bit cautious with the price, but they are out there looking at property at the moment," says Peter Thompson of Barfoot and Thompson.
Barfoot and Thompson sold 559 homes in Auckland last month which is almost nine percent more than the month before.
It is the first time in four years that February sales were up on the month before.
The average price was $512,000 - a 3.5 percent increase on a year earlier.
Veteran property investor and consultant Olly Newland is sceptical about statistics but thinks there is something to Barfoot's figures.
"The clients I'm dealing with are reporting back to me that they are getting far more people through houses they are trying to sell, they are getting multiple offers, they are getting unconditional sales. So hopefully this is not just a blip but a sign of better things to come," says Newland.
It will be next week before we know whether the stronger activity in Auckland is mirrored across the country.
"From what I understand, round the country this month, certainly a lot more sales activity, and certainly listing activity," says Mike Elford of the Real Estate Institute.
"We have got to just look at it with caution but we are also optimistic that things have levelled out," says Thompson.
Newland says the recovery is starting with cheaper properties: "Many people are coming to the conclusion that buying is almost as cheap as renting. So I think that's a lot of where the demand is coming from. Also, I think people are getting used to the shock and horror of the global crisis and they are saying: 'Well the sun is still coming up tomorrow, we'd better get on with it'."
One month doesn't make a trend. Three or four months of solid sales are required before it is clear if the market is recovering.
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