Nationwide, prices rose 1 percent in December – the third increase in a row.
The main centres have been recording larger increases than smaller ones, with a few exceptions like Queenstown.
Property sales were 28 percent higher in December 2023 versus a year earlier.
That figure accounts for private deals and real estate agents.
Annually, there were 66,000 homes sold last year, which was well below the average of 92,500 homes.
Davidson said new home listings picked up again after the summer holiday period.
There were 3100 new home listings in the four weeks to January 14, which is below the five-year average of about 4000 homes.
In terms of total home listings, there were just under 32,000 on the market.
Rents have risen 7.0 percent in the year to December, above the long-term average of 3.2 percent.
It’s running at “historically high levels,” said Davidson, which reflects less supply, and more demand.
In October, Barfoot & Thomspon said record-high net migration was having a major impact on rents.
Annual net migration to Aotearoa hit a record high of more than 128,000 people in December.