‘Eye-watering’ house price rises now over

Auckland sellers may be adjusting their expectations of what buyers will be willing to pay for their houses, new Trade Me data shows.

Data from the website shows the city’s average asking price fell 3.7 per cent in September to $882,850 compared to the year before.

‘‘What we’re seeing is the gap between vendors and buyers reducing in Auckland and both parties appear to be gaining a better understanding of the market,’’ said head of Trade Me Property Nigel Jeffries.

He said it was the sixth consecutive month that the average asking price in the city was less than the year before.

‘‘It’s safe to say the eyewatering price increases that Auckland had become accustomed to are now behind us and prospective first-home buyers will be pleased to know that it’s now that little bit easier to get their foot on the Auckland property ladder,’’ he said. ‘‘It’s hard to say how long it will be before we see the Auckland market bounce back.’’

Some would-be sellers aren’t bothering to try the market at all – the total number of property listings in Auckland on Trade Me is down 15 per cent compared to September last year. The number of listing views was up 8 per cent.

In Wellington, the average asking price increased 8.7 per cent year-on-year, to $644,750.

Jeffries said property prices in Wellington took off in mid-2016, a few years later than the Auckland market. Porirua had the biggest asking price increase, up 14.5 per cent on 2018.

The number of views for listings increased by 32 per cent in South Wairarapa and 15 per cent in Masterton.

Manawatu/Whanganui, Nelson/Tasman, Otago, Southland and Waikato all had record asking prices in September. In Waikato, prices were up 7.9 per cent to $597,250. The national average asking price was up 0.7 per cent compared to 2018, at $650,050.