Trade Me Property data shows the national average asking price dropped to $833,800 in May from $883,800 in February, with Auckland down $91,300 over the same period.
The New Zealand property market could be heading for a particularly chilly winter, with asking prices on Trade Me Property taking a substantial tumble over the past three months.
The national average asking price for properties advertised on the platform fell to $833,800 in May from $883,800 in February — a decline of $50,000, or 5.7%, according to Trade Me Property data analysed by Greg Ninness.
The pace of decline appears to be accelerating. In April, the national average asking price fell $7,500 compared to March, but in May the monthly decline widened to $21,250.
Auckland leads the drop
The biggest falls have been in Auckland, where the average asking price dropped $91,300 over the three months to May. Other regions with significant declines include Otago (down $69,550), Northland (down $55,150), Wellington Region (down $52,450), and Bay of Plenty (down $50,750).
In May alone, 11 of 15 regions recorded month-on-month falls in average asking prices. The West Coast saw the largest monthly drop, down $51,150 (-9.0%), though that market is relatively small and can be volatile.
Just four regions posted month-on-month increases in May: Gisborne, Manawatu/Whanganui, Nelson/Tasman, and Marlborough.
What this means
The asking price data complements the broader picture emerging from other market indicators. While the QV monthly index showed national prices relatively flat in May, the Trade Me asking price series suggests vendor pricing expectations are being adjusted downward — a pattern consistent with a market where buyers have more negotiating power.
For prospective sellers, the data indicates that pricing expectations may need to be recalibrated. For buyers, the widening gap between vendor asking prices and what the market will bear could create negotiating opportunities, though mortgage availability and lending conditions remain important constraints on what transactions can actually proceed.
The decline in asking prices follows recent data from QV showing national house prices were relatively flat in May, with the market appearing to enter a holding pattern as buyers and vendors remain distant on price expectations.
This article is for general information only and is not personalised financial advice. Seek advice from a licensed financial adviser (registered on the FSPR) for guidance specific to your situation.