Average asking prices on Realestate.co.nz down almost $60,000 since February while stock for sale hits a 12-year high

Average residential property asking prices declined for the fourth consecutive month in June, according to the latest data from property website Realestate.co.nz.

The average asking price on the website fell to $839,730 in June from $898,677 in February, not seasonally adjusted, a drop of $58,947 (-6.6%) over that four month period.

In Auckland, the country's largest housing market, the average asking price has also declined for four consecutive months, to be just above the $1 million mark at $1,006,735 in June versus $1,097,748 in February. That's a drop of $91,013 (-8.3%) over the last four months.

Average asking prices on the website declined in 16 regions in June compared to May, while three regions, Northland, Taranaki and Canterbury went against the trend and had an increase in their average asking prices compared to May.

The biggest asking price declines between May and June were in Coromandel -$213,807, West Coast -$95,051 and Central Otago/Lakes (which includes Queenstown) -$59,381.

New residential listings on Realestate.co.nz have also declined from the summer peak of 12,252 in February to 7942 in June, although that was the highest number of new listings in the month of June since 2020.

There was a total of 34,761 residential properties available for sale on the website at the end of June, up 7.3% year-on-year, and the most residential stock realestate.co.nz has had available for sale in the month of June since 2014.

The only regions that had less stock for sale in June this year versus June last year were Central Otago/Lakes and Southland.

Realestate.co.nz CEO Sarah Wood said conditions favoured buyers who were ready to act.

"Stock is up across almost every region, which means buyers can be more considered in their decision making," Wood said.

"First home buyers in particular are recognising that conditions like these reward those who are ready to move," she said.