New Zealanders may be waiting another two years before the housing market returns to its previous peak

New data from the Real Estate Institute indicates an increase in buyer activity, with more turning out to open homes and auctions as listing numbers remain low.

ASB Economist Nathaniel Keall says any possible uptick will be slow, with house prices expected to reach their last peak in early-to-mid 2025.

He says it looks like the market may have turned, but they're not expecting it to surge ahead in the way it did a couple years ago.