Vendors may be becoming more realistic in their price expectations as asking prices slide on Trade Me Property
The latest figures from Trade Me Property suggest people selling their homes appear to be becoming more realistic in their price expectations.
The national average asking price of residential properties advertised on Trade Me Property was $821,750 in July, down by 1% compared to June.
In Taranaki the average asking price fell 4.1% in June while asking prices in the Bay of Plenty dropped 3.0%.
In Auckland, the country’s largest housing market, the average asking price dropped below $1 million for the first time since September last year to $989,250 in July.
That’s down by $17,000 (-1.7%) compared to June and the average Auckland asking price has now declined by $68,050 since March.
There is often a dip in prices over winter, however Trade Me Property’s Customer Director Gavin Lloyd said this year’s dip in Auckland’s asking prices could be more prolonged than in previous years.
“This dip has occurred earlier than last year, suggesting that we may see a more prolonged period of prices [in Auckland] below the $1 million threshold in 2025,” Lloyd said.
“Last year, prices remained under $1 million for two months and we anticipate this year’s trend could last a little longer, creating a unique opportunity for buyers,” he said.
