Asking prices on Trade Me Property declined for fifth consecutive month in August

Average asking prices on Trade Me Property declined by $41,100 over autumn/winter – Auckland asking prices down by $72,700

The average asking price of residential properties advertised for sale on Trade Me Property declined for the fifth consecutive month in August.

Trade Me Property’s national average asking price was $820,800 in August, down from $861,900 in March.

March is usually the busiest month of the year for the residential property market and marks the official end of the summer selling season, while August marks the end of winter.

That means the average asking price on Trade Me Property has declined by $41,100 (-4.8%) over the autumn/winter period this year.

This suggests vendors looking to sell a property are becoming more realistic in their price expectations, especially when stock levels remain high and buyers have plenty of choice.

The decline in average asking prices has been particularly steep in Auckland and Wellington, with both centres also  experiencing five consecutive months of price falls since March.

In Auckland, Trade Me Property’s average asking price was $984,600 in August, down by $72,700 (-6.9%) since March.

August was the second month in a row that the average asking price in Auckland has been under $1 million.

In the Wellington Region the average asking price was $755,250 in August, down by $66,350 (-8.1%) since March.