Asking prices slide and new listings rise on Trade Me Property as economic uncertainty starts to bite

The average asking price of residential properties advertised for sale on Trade Me Property declined by more than $20,000 in March, as economic uncertainties began to take their toll on the property market.

The average asking price on the website was $862,550 in March, down $21,250 from February.

Average asking prices declined in 11 regions around the country and increased in three. Northland, Hawke’s Bay and Otago were the only regions to post increases in March.

The biggest declines for the month were in Southland -$72,350, Bay of Plenty -$65,900 and Nelson/Tasman -$46,300. 

While the average asking prices declined in March, the supply of properties for sale increased.

New residential listings on Trade Me Property were up 2% in March from February, while property searches on the website rose 5% in March from February.

“It’s a great time for buyers who have been sitting on the sidelines, as they have more choice than they did a year ago, particularly in regions such as Otago and Southland, where new listings have jumped by 14% and 15% respectively,”  Trade Me Property Customer Director Gavin Lloyd said.

See the table below for the full regional figures.