Average asking prices on Trade Me Property cooled in most regions in November

Asking prices on Trade Me Property cooled in November, suggesting vendors may be becoming more realistic in their price expectations.

The national average asking price of residential properties advertised for sale on the website was $851,950 in November, down just over $31,000 (-3.5%) from October.

The biggest decline for the month was in Hawke's Bay, which recorded a 10.2% decline in the average asking price, followed by Gisborne down 8.6%, Bay of Plenty down 5.2%, and Northland down 5.0%.

Only five regions recorded an increase in average asking prices in November, with the biggest being the West Coast's 4.9%, followed by Taranaki's 3.4% rise, and Wellington 0.4% lift. (See the chart below for the full regional figures).

Trade Me Property Customer Director Gavin Lloyd said the drop in asking prices was not unexpected as the market headed towards the end of the year.

"While the national average asking price is down around $30,000 on October, it's important to keep in mind the market is still trending upwards compared to a year ago," Lloyd said.

"As a whole the market is showing a lot more stability than it has done in recent years," he said.