Property asking prices still falling

The national average asking price for a property has dropped for six consecutive months for the first time on record, according to the latest Trade Me Property Price Index.

Trade Me Property sales director Gavin Lloyd said the

national average asking price last month was $896,200.

‘‘When compared with the month prior, this marks a drop of $3000 and puts New Zealand’s average property price at its lowest since October 2021,’’ he said.

‘‘While September’s month-onmonth price drop was smaller than what we saw in previous months, the consistent decline says a lot about what’s happening in the market.’’

The Marlborough, Otago, and Taranaki regions saw the largest drops in September, with their average asking prices all down 2% month-onmonth.

‘‘It’s remarkable to think the Bay of Plenty’s average asking price was sitting at over $1 million in February, considering it’s now at $937,300,’’ Lloyd said.

While most regions

saw prices fall in

September, there were some exceptions.

The Nelson/Tasman region had a 2% rise in average asking price, while Waikato, Hawke’s Bay, Southland and Canterbury all recorded a 1% increase when compared with the month prior.

Lloyd said prices might continue to fall.

‘‘Current market conditions are going to make for an interesting summer period. We have already seen month-onmonth price drops slowing down in September, which may continue into the next few months as seasonal demand picks up.’’

This time last year, the national average asking price rose 5% year-on-year in September, the smallest annual increase since April 2020.

Along with price drops, property supply also skyrocketed in September.

When compared with the same month last year, the number of properties listed for sale on the site jumped by 67%, Lloyd said.

‘‘In fact, last month we saw more properties for sale than in any other September on record.’’

Supply almost doubled in the Nelson/Tasman region (+96%) when compared with the same month last year, with Waikato (+90%) Northland (+83%) and Bay of Plenty (+82%) close behind.

But nationwide listing views fell by 1% in September.

‘‘The Auckland region flouted the trend, with demand jumping by 13% year-on-year last month.’’

West Coast (+6%), Wellington (+4%), and the Bay of Plenty (+3%) were the only other regions to see demand increase in September when compared with the same month last year.

Wellington prices had also fallen on an annual basis for the first time, with the average asking price in the region having its first year-on-year drop on record in September, falling 3% to $865,350.

In the Wellington City district, the average asking price fell below $1m for the first time in a year, to $976,300.

Trade Me Property’s Gavin Lloyd says the national average asking price last month was $896,200.

KATHRYN GEORGE/STUFF Property asking prices have fallen for six months in a row, according to the latest Trade Me Property Price Index.