{"id":617068,"date":"2026-10-01T04:34:14","date_gmt":"2026-10-01T04:34:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/nz\/617068\/"},"modified":"2026-10-01T04:34:14","modified_gmt":"2026-10-01T04:34:14","slug":"aucklands-average-asking-price-falls-below-1m-for-first-time-in-six-years","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/nz\/617068\/","title":{"rendered":"Auckland’s average asking price falls below $1m for first time in six years"},"content":{"rendered":"

Auckland’s average property asking price has fallen below $1 million for the first time in six years, according to new data from realestate.co.nz.<\/p>\n

According to the data, the city’s average asking price was $993,562 in September \u2014 more than $280,000 below its January 2022 peak of $1,274,829.<\/p>\n

At the same time, the number of properties available to Auckland buyers had increased.<\/p>\n

More than 3500 new listings came onto the market during September, up 7.7% compared with the same month last year, while total stock rose 13.8% to 13,958 properties.<\/p>\n

Realestate.co.nz general manager of customer Vanessa Williams said falling below the $1 million mark was significant for the country’s largest property market. <\/p>\n

\u201cFor a long time, a million-dollar average asking price felt almost synonymous with Auckland, so dropping back below that level is notable,” Williams said. <\/p>\n

“But it also creates opportunity, particularly for buyers who\u2019ve been waiting on the sidelines.<\/p>\n

“The combination of almost 14,000 properties on the market and asking prices well below their peak has created one of the most buyer-friendly markets the city has seen in years.”<\/p>\n

\"Confidence<\/p>\n

Confidence in the housing market increased most sharply in Auckland, with a net 33% expecting house prices to rise over the coming year (file image). (Source: istock.com)<\/p>\n

Regional variation remains<\/p>\n

The overall picture was relatively steady nationally, with the average asking price sitting at $855,245 in September \u2014 down just 0.2% with the same month last year. <\/p>\n

Auckland was not the only region to record a drop in average asking price. Nelson and Bays’ average asking price fell below $800,000 for the first time in five years, reaching $791,917.<\/p>\n

Wairarapa recorded the largest annual decline, with its average asking price falling 9.2% to $667,375.<\/p>\n

At the other end of the scale, Canterbury, Southland, Central Otago\/Lakes and the West Coast all recorded their highest average asking prices for a September.<\/p>\n

Canterbury was up 1.3% year-on-year to $736,585 and Southland rose 5.9% to $593,723.<\/p>\n

Central Otago\/Lakes increased 4.6% to $1,586,916, while the West Coast was up 0.8% to $514,013.<\/p>\n

\"Make<\/p>\n

Make sure you can still afford that house if interest rates shift. (Source: Getty)<\/p>\n

More homes on the market<\/p>\n

The amount of housing stock available to Kiwis also increased across the country. <\/p>\n

There were 34,001 properties on the market in September, up 10.7% from a year earlier, with seven regions recording double-digit increases. <\/p>\n

Gisborne had the largest increase in stock, up 62.7%, followed by Taranaki at 19.9% and Marlborough at 18.3%.<\/p>\n

Southland was the only region to have fewer properties available than a year earlier, with stock down 8.5%.<\/p>\n

Meanwhile, 9466 new properties were listed for sale across the country during September, a slight increase of 0.8% from the previous year. <\/p>\n

That increase was not evenly spread, however, with new listings falling in 12 of the country’s 19 regions. Southland recorded the largest decline, down 21.1%, followed by the West Coast at 14.3%, Hawke’s Bay at 12.2% and Manawat\u016b\/Whanganui at 10.7%.<\/p>\n

“Although many of our regions have seen a fall in new listings, we actually have more coming on the market than last September, and that wasn’t an election year,” Williams said. <\/p>\n

\"Mike<\/p>\n

Mike Jones (Source: 1News)<\/p>\n

BNZ chief economist Mike Jones said growing listings and slowing sales meant the stock of unsold homes was continuing to increase.<\/p>\n

“Ample supply means prospective buyers have more choice and time, and there is little to no pressure on house prices to rise,” he said.<\/p>\n

Williams said sellers needed to compete for buyers through “good presentation, strong marketing, and realistic pricing”.<\/p>\n

“They all matter even more when buyers have options,” he added. <\/p>\n","protected":false},"excerpt":{"rendered":"Auckland’s average property asking price has fallen below $1 million for the first time in six years, according…\n","protected":false},"author":2,"featured_media":617069,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[51,138,111,139,69,814],"class_list":["post-617068","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-auckland","tag-business","tag-new-zealand","tag-newzealand","tag-nz","tag-property"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/617068","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=617068"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/617068\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/617069"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=617068"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=617068"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=617068"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}