The average asking price of residential properties in Auckland advertised on Trade Me Property dropped below $1 million for the first time in nearly four years last month.
The average asking price of Auckland properties advertised on the website was $986,750 in August, a 1.3% drop compared to July, and the first time it has been below $1 million since September 2020.
The national average asking price was $818,250 in August, down 0.8% compared to July and down 2.3% compared to August last year.
"We've not seen [national] prices drop to this level since April 2021 and if we keep seeing consecutive falls, as we have done over the last five months, we could see the average price go below $800,000," Trade Me Property customer director Gavin Lloyd said.
"it's going to be interesting to see what happens to prices over the next months as we come into spring."
"September results should be able to give us an indication as to whether we've just endured a difficult winter, or if drops are as a result of a more structural weakness in the housing market," Lloyd said.
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