The housing market is cooling with average asking prices and the number of new listings on Realestate.co.nz taking a tumble in June.
The average asking price of all properties from throughout the country that were newly listed on the property website last month was $645,133, compared to $658,170 in May and $661,129 in April.
The national average asking price is now down 4.2% compared to its February peak of $673,659.
Average asking prices in June were down compared to May in most parts of the country, with just four regions, Waikato, Taranaki, Central Otago/Lakes and Otago posting gains and asking prices declining everywhere else.
In Auckland the average asking price declined for the fourth consecutive month to $912,071 and has now lost more than $82,000 (-8.3%) since it peaked at $994,873 in February.
It is now the lowest it has been since July last year.
In Waikato the average asking price increased slightly to $561,995 from $557,071 in May, but remained below its March peak of $575,528.
In the Bay of Plenty the average asking price declined for the second month in a row to $624,207, down by $55,152 (-8.3%) compared to its April peak of $664,652.
It is now at its lowest point since September last year.
In the Wellington region the average asking price dropped to $593,686, the first time it has been below $600,000 this year and and down by $39,212 (-6.2%) from its March peak of $632,898.
In Canterbury the average asking price dropped to $480,045 which was the lowest it has been since July last year.
The overall decline in asking prices has also been accompanied by a drop in the number of properties coming to market, with 8136 properties being newly listed for sale on Realestate.co.nz in June, down 9.9% compared to June last year (see chart below for the regional new listing figures).
The decline in new listings combined with the fall in asking prices suggests the real estate market could be facing a chilly winter.
"Typically in winter we hibernate and this June was no exception with cold weather felt across the country," Realestate.co.nz spokesperson Vanessa Taylor said.
"The reality is that people want to sell their property when they feel that it's looking its best and potential buyers are more likely to go out to open homes."