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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