Lower asking prices and number of listings on Realestate.co.nz show the winter slowdown has arrived

Lower asking prices and number of listings on Realestate.co.nz show the winter slowdown has arrived

Asking prices for residential properties are starting to flatten out as winter takes hold, with the average asking price of homes listed for sale on Realestate.co.nz dropping slightly in June.

The national average asking price was $533,515* in June compared with $535,833 in May and $485,204 in June last year.

Around the country, 13 regions recorded declines in average asking prices and six recorded rises.

In Auckland the the average asking price popped back up above $800,000 in June to hit a new all time high of $803,713, compared with $794,010 in May and the previous record of $801,443 in April.

That compared with the average Auckland asking price of $707,087 in June last year, meaning it has increased by $96,626 in 12 months.

The other regions that showed increases for the month were Gisborne, up from $267,046 in May to $269,287 in June but still well below the January high of $340,333; Canterbury, up from $459,763 in May to $465,572 in June, which was below the April's high of $474,794; Otago popped back above $300,000 in June to $301,729, compared to $298,693 in May, but still below the average asking prices in March and April; Central North Island where the average was $338,234 in June compared to $328,900 in May, but still well below the average of 367,874 in October last year; Manawatu/Whanganui where it climbed to $276,791 in June compared to $256,562 in May, but still well below the $283,338 average in October last year.

Regions that recorded declines in average asking prices for the month were Northland, Waikato, Coromandel, Bay of Plenty, Hawkes Bay, Taranaki, Wairarapa, Wellington, Nelson & Bays, Marlborough, West Coast, Central Otago/Lakes and Southland.

As would be expected at this time of year there was a drop in the number of homes being listed for sale on the website, although the numbers were still up on last year.

There were 8748 properties newly listed for sale in June compared with 10,381 in May and 8524 in June last year.

In Auckland there were 3138 properties listed for sale in June compared with 3769 in May and 2801 in June last year.

In Wellington 602 properties were listed for sale in June compared with 772 in May and 711 in June last year.

In Canterbury 1117  properties were listed in June compared to 1319 in May and 1025 in June last year.

*Note: Realestate.co.nz releases actual and seasonally adjusted monthly figures. The numbers quoted in this article refer to their actual figures.

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4 Comments

Ahhh its the start of a new month. The latest tranche of market spruiking estate agent fap releases are due.

The only question outstanding is will we get the burning house or the fireworks stock image next?

I quite like the fireworks pics. But I'm open to alternative suggestions...

Again ...I do suggest that people responsible for the law regulations will go to few auctions and watch who is bidding and who is buying!
It is unacceptable that people living, working and paying taxes in NZ have no chances to compete with overseas buyers.

for the ones that brought from overseas in the last couple of years any GC will be getting wiped out by our dollar dropping, the USD is only going to get stronger as the money flows back from around the world when the fed does its first hike