Average asking prices on property website TradeMe Property declined for the second month in a row in May, suggesting vendors are becoming more realistic about their price expectations.
Across the entire country the average asking price declined by 2.3% in May compared to April.
The biggest decline for the month was in Hawke's Bay where the average asking price declined by 3.7% for the month, while Gisborne was the only district to record a rise, up 5.2%.
Around the main centres asking prices were down 2.3% for the month in Auckland, -2.0% in Wellington, -0.2% in Canterbury and -3.2% in Otago.
Trade Me spokesperson Casey Wilde said buyers were becoming more cautious and properties were staying on the market for longer.
"The median days on [the TradeMe Property web] site increased to 68 days for May, an increase of six days from April.
"When properties remain on the market for longer, we generally start to see sellers adjusting their expectations and asking price," she said.
- The comment stream on this story is now closed.
•You can have articles like this delivered directly to your inbox via our free Property Newsletter. We send it out 3-5 times a week with all of our property-related news, including auction results, interest rate movements and market commentary and analysis. To start receiving them, register here (it's free) and when approved you can select any of our free email newsletters.
We welcome your comments below. If you are not already registered, please register to comment
Remember we welcome robust, respectful and insightful debate. We don't welcome abusive or defamatory comments and will de-register those repeatedly making such comments. Our current comment policy is here.