National average asking price on Trade Me Property down $50,000 over the last three months with Auckland's down $91,300

The housing market could be headed for a particularly chilly winter this year, with average asking prices of properties listed for sale on Trade Me Property taking a substantial tumble over the last three months.

The national average asking price for properties advertised for sale on the website has fallen for three consecutive months, to $833,800 in May from $883,800 in February. That's a decline of $50,000 (-5.7%).

Not only are asking prices dropping, but the rate at which they are declining appears to gathering pace.

In April, the national average asking price fell $7500 compared to March, but in May the monthly decline was $21,250.

Around the country 11 regions recorded falls in their average asking prices in May compared to April. Just four regions - Gisborne, Manawatu/Whanganui, Nelson/Tasman and Marlborough - posted increases.

The biggest drop in asking prices was on the West Coast, where there was a month-on-month fall of $51,150 (-9.0%). However, asking prices on the West Coast can be particularly volatile because of the relatively small size of the market.

There were also falls in asking prices in Auckland -$42,650 (-4.1%), Taranaki -$39,900 (-5.8%), Northland -$38,350 (-5.1%), Otago -$23,100 (-2.7%), Wellington Region -$21,750 (-2.8%), Hawke's Bay -$20,650 (-2.8%), Waikato -$15,500 (-1.9%) and Southland -$10,900 (-1.9%).

The remaining regions all had monthly declines of less than $10,000 in May.

Over the three months since February, the biggest slumps in average asking prices have occurred in Auckland -$91,300, Otago -$69,550, Northland -$55,150, Wellington Region -$52,450, Bay of Plenty -$50,750, Gisborne -$41,350, Nelson/Tasman -$35,850, Hawke's Bay -$32,850. Taranaki -$25,500, Waikato -$24,750, Southland -$21,450 and Canterbury -$16,800.

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