Asking prices dropping on Trade Me Property with thousands more homes for sale compared to a year ago

Trade Me Property warns anyone selling a home will need to have realistic price expectations to achieve a sale

Property / news

Trade Me Property warns anyone selling a home will need to have realistic price expectations to achieve a sale

7th May 25, 9:46am by Greg Ninness

Property prices and most other housing indicators are falling as autumn takes hold of the market.

According to Trade Me Property's Property Price Index, the average asking price for properties available for sale on the website in April was $855,150. That was down 0.8% compared to March, and down 2.6% from April last year.

The biggest decline was on the West Coast of the South Island where the average asking price in April fell 7.4% from March.

Around the main centres average asking prices declined in Auckland -1.0%, Wellington -1.4% and Canterbury -0.7%. Otago went against the trend and posted a gain of 0.6% compared to March. See the chart below for the full regional figures.

Other indicators were also on a downward slide.

The total number of listings on Trade Me Property at the end of April was down 4% from March, while use of the website by potential buyers declined by 13%.

Trade Me Property Customer Director Gavin Lloyd said buyers would still have plenty of properties to choose from.

"We had several thousand more properties listed onsite in April this year compared to April 2024," Lloyd said.

"That means buyers continue to have plenty of leverage, and to secure a sale, vendors are going to need to meet the market, particularly in regard to price expectations," he said.

Trade Me Property doesn't release the actual listings data.

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17 Comments

by Averageman | 7th May 25, 10:10am 1746569454

Down down down in ponzi town. If Ireland was anything to go by, this still has years to unfold from the gambling that took place. If only it was like the sharemarket and we could just have true price discovery more less instantly and drop back to 2015 thereabouts.

by IT GUY | 7th May 25, 10:13am 1746569626

The recovery is here !

by Averageman | 7th May 25, 10:15am 1746569716

Oh yeah....looking, where is it again?

by Retired-Poppy | 7th May 25, 10:47am 1746571659

....just around yet another corner.

by Averageman | 7th May 25, 11:04am 1746572683

And a tinsy winsy gully.

by Speedmax | 7th May 25, 10:07pm 1746612427

If Ireland is anything to go by we’re about half way through the down cycle

by Time Lord | 7th May 25, 10:16am 1746569786

🥂

by NZGecko | 7th May 25, 11:19am 1746573555

THE NZ PROPERTY PRICE CRASH STEEPENS and heads into its much deeper ,second leg.....2028 maybe the bottom!

Now worldwide news!! Yay for those who have waited to buy! -40 to -60% REAL price reduction coming in the next year or two!!

New Zealand's house price crash steepens - MacroBusiness

Cote yourselfinPONZIJUICE Dzores.......is wimpering in the overleveraged corner.

by Averageman | 7th May 25, 11:22am 1746573742

At what point do the banks say enough and request more capital (margin call)?

by Independent_Observer | 7th May 25, 11:22am 1746573775

Yes it’s always been my opinion that at some point in time we could see a 50% drop in prices but didn’t know if it would occur in nominal or real terms (which depended upon central bank and government intervention - ie they may try to mask the crash but causing high inflation to keep nominal prices relatively flat - which has been their strategy following COVID).

I think it’s possible we see very little nominal price appreciation in housing in NZ in the coming years or even decade with inflation slowly eroding away nominal prices. Some parts of the country could be down approx 30-40% now in real terms. Some less than that.

by EpsomArtsandCrafts | 7th May 25, 12:33pm 1746578018

The telling stats that point to declines are:

'use of the website by potential buyers declined by 13%'.

"We had several thousand more properties listed onsite in April this year compared to April 2024,"

No doubt there has to be a lower reset on selling price expectations so vendors don't waste their own time, as well as agents and buyers with above market expectations.

by interesting1234 | 7th May 25, 3:26pm 1746588419

Those who were holding out for better prices are tired of waiting and have to suck up their expectations of silly high prices if they wish to have the cashflow to pursue their future endeavours.

by Midnight Singer | 7th May 25, 4:41pm 1746592874

Well, I do hope they don't drop too much. We are about to list LSB.

by NZGecko | 7th May 25, 5:25pm 1746595504

The Life Sentence Block is just like Alcatras.......without the nice sea views.

Get it sold, before the 6 year crash hits bottom in 2027.......the quick and the dead in this market.

by Midnight Singer | 7th May 25, 5:32pm 1746595939

You will get sea views. Approx 4km away!

Tend to agree with your last point.

by rastus | 8th May 25, 8:50am 1746651019

Give me a LSB any day of the week. But it's not for everyone - you gotta love no neighbours, fresh produce, low or nil hot water bills, physical exercise, a sense of self security and time to yourself.

by interesting1234 | 8th May 25, 12:43pm 1746665013

probably depends on how you derive your income. If you have to travel to work in a set location, then commute + work + constant maintenance of the section would get old fast. If you could work from home, or were self employed and could dictate your time better, then it makes more sense.