There was a significant drop in the average asking prices of residential properties advertised on Trade Me Property last month.
Trade Me Property's national average asking price was $845,250 in May, down 1.2% compared to April.
That followed a 0.8% drop in the average asking price in April compared to March.
All of the main centres recorded declines in their average asking prices last month, with Auckland, Wellington and Canterbury all recording their lowest prices since September last year.
The biggest declines were in Marlborough -2.8%, followed by the Bay of Plenty -2.7% and Hawke's Bay -2.0%.
See the chart below for the full regional figures.
The number of residential properties advertised for sale on the website in May dipped by 1.3% compared to April but remained up by 5.0% compared to May last year, although the number of Auckland properties on the site increased by 1% in May compared to April.
That suggests potential buyers still have plenty to choose from.
Trade Me's figures also showed that properties were staying listed on the website for longer, with the median days listed increasing to 70 in May from 62 in April, suggesting they were taking longer to sell.
"Buyers tend to take a little more time in the winter months and the current market is already showing signs of this slow down," Trade Me Customer Director Gavin Lloyd said.
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27 Comments
It would be nice to know how much asking prices dipped compared to the same month a year ago.
Auckland down 2.5 % - oddly Wellington up 2.5% - I suspect the Wellington figures suggest less townhouses on the market - unlike Auckland which is still pumping them out
Thanks ex-socialist, much appreciated. Unfortunately there is no asking price for NZ on last years article (unless I'm blind?), so still don't have the comparison to the same month a year ago.
May 2024 = $857,800
May 2025 = $845,250
1.46% decrease in asking prices
If prices have moved so little since last May then CVs must be pretty accurate?
But but but,,,,,Onewoof says the new CVs are just a bs grain of salt.
- We are told to believe the words of the educated and learned Real Estate Agents "valuations". Trust in us, they say....:)
The RE industry will be doubling down on the positivity grift at their conferences.
"Let's not forgot those two consecutive months of price increases!"
The Herald pulled in a Ray White spin doctor yesterday and everyone can now relax. House prices are rising again...
"When the market is this bad, they just have to lie"
REA industry types, make a life out of telling porkies/deception, on a daily basis. Just refer the case against TTP and the Prop Broke lot:)....
NZ Housing Ponzi hacked further by the ploughshares!
Hold on wannabe FHBs, still lower prices in 2026/2027 are coming.
DTIs of 3x and 4x are on their way.
Hold on, help is on its way FHBs.
Only offer in the old, historic price ranges of 2012 to 2015 and your dreams will come to fruition.
The power is with FHBs and not the selfishly nasty, greedy, housing accumulating/hoarders :):)
It's actually quite interesting. If you'd told me at the beginning of last year the cash rate would be 2% lower and interest deductibility reinstated by mid-25, I'd have wagered prices would be higher by now.
There is no doubt in my mind that the Coalition are not the economic leaders we all hoped.
Are you saying the economy is just maintaining house ponzi...?
Increased house prices (inflation )does not equal economic leadership to my mind.
All things being equal, a buoyant economy will lead to higher wages and rising house prices. I'm not saying that is positive, just a long-run correlation.
Ok. Makes sence.
Of note though is that housing has increased at a rate not supported by wages and inflation, and for quite some time. Now that a global wind back is unfolding, it all points to down down in ponzi town.
Plenty here have been calling this for the last 2yrs plus - and boy did they get slagged. Meanwhile the spruikers are now so tight for cash they can't afford the Int. monthly fee.
We are now at the top of the roller coaster - expect an increasingly faster ride down.
Yes most spruikers are steaming at the ears, reading the INTEREST.CO pages, while not able to afford the loose change, to become a qualified reader and poster.....
The irony of the once reliable property riches, in the pre-2020 period, of untold and untaxed property excesses.
This all due, to the increased Landlording costs at every turn, coupled to lowering rents and mortgage rates still gauging their negative cashflows, at any interest rate, above 3% mortgages.
Only 2.99% and lower mortgages will refire the Ponzi. Anything above, is pure Ponzi Kryptonite!
What a wonderful time, to be a patiently waiting, First Home Buyer!!
Maybe, or it’s a sign of vendors finally accepting the price correction, asking prices reducing makes me think we are closer to an equilibrium on house prices and they’ll just stumble along or plateau more so than a red flag of a speeding downwards roller coaster…will be interesting to see what the back of ‘25 brings
The back passage of 25, will be the slippery downslope into the bowels of the old and beaten up Armitage Shanks pan.
Just think, your analogy could’ve been NZ made Dux pans…if that bloody ponzi hadn’t created so much over investment in unproductive assets forcing manufacturing offshore 🤔😂
Maybe you’re right…I dont think we’ll see boom times…but a speeding roller coaster is a touch dramatic…maybe 🤷🏻♂️
No boom on the horizon. The Property Ponzi is totally poked.
Those that have not ditched their property load by now, are indeed the bag holder of depreciated assets.....
Are you the original username Te Kooti?
I've taken an upgrade.
All the way to v1.0 :)
Sellers and Real Estate Agents finally reading the room, albeit in a frustrating way?
Seems to be an increase in deadline sales - which look like fishing trips to determine market value before any serious negotiation gets done because the REAs don't know how to pitch pricing strategy in a falling market, other than by wasting everyone's time.
Look on the bright side. At least we're not Vancouver or Toronto. The latter has a whopping 58 months of new condo inventory for sale.
https://realestatemagazine.ca/sales-and-prices-fall-as-condo-glut-hits-…
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