Average asking prices in Auckland down for five consecutive months, with drop of $112,805 since February
The housing market continued in its winter slump in July, with little movement in the number of new listings or the total amount of stock for sale, and an ongoing decline in asking prices.
Property website Realestate.co.nz received 7737 new residential listings in July, slightly less (-4.2%) than the 8080 it received in July last year, but up a whopping 25.7% compared to the 6156 it received in July 2023.
Total stock levels on the website showed a similar trend, with 30,430 residential properties available for sale on Realestate.co.nz at the end of July, barely changed (-0.4%) compared to the 30,556 properties for sale in July last year, but up by almost a third (31.8%) compared to the 23,090 properties available for sale in July 2023.
Asking prices continued to slide, with the national average (unadjusted) asking price declining for the second month in a row, from $852,288 in May to $820,727 in July, a drop of $31,561 (-3.7%) in the last two months.
Compared to the average asking price peak of $994,885 set in January 2022, the average asking price has now declined by $174,158 (-17.5%).
The price slide appears to be particularly entrenched in the Auckland region, where it has declined for five consecutive months, from $1,082,500 in February this year to $969,695 in July, a decline of $112,805 (-10.4%) in the last five months.
