There is further evidence that house prices are in decline, with the average asking price of homes listed for sale on Trade Me Property declining in January.
The average asking price of all homes listed for sale on the website in the three months to the end of January was $541,900, down 2.1% compared to the three months ended December and that figure was down 0.4% compared to the three months ended November.
It was the third consecutive month that the average asking price on the website has declined and it has now fallen by $29,850 since October when it was $571,750.
The Auckland region also ended its spectacular run of upward price movement, with the average asking price of Auckland homes advertised on the website dropping from $805,300 in December to $801,400 in January.
The biggest decline in Auckland was in the asking price of apartments, which dropped from $582,450 in December $547,300 in January, a decline of $35,150 (6%).
The average asking price of 3-4 bedroom stand alone houses in Auckland showed a more modest decline, dropping from $819,650 in December to $815,900 in January.
The market was also generally more subdued outside of Auckland.
The average asking price of homes in all areas except Auckland was $427,200 in January, unchanged from December but down from November's average asking price of $429,100
In Wellington the average asking price of homes increased from $454,650 in December to $456,650 in January and in Christchurch the average asking price of $466,550 was unchanged from December.
You can receive all of our property articles automatically by subscribing to our free email Property Newsletter. This will deliver all of our property-related articles, including auction results and interest rate updates, directly to your in-box 3-5 times a week. We don't share your details with third parties and you can unsubscribe at any time. To subscribe just click on this link, scroll down to "Property email newsletter"and enter your email address.