House Prices Hit Nine Month Low In June
In June the average asking price was $829,650, down more than $15,000 (-1.8%) on May and -1.4 per cent year-on-year.
Trade Me Property Customer Director Gavin Lloyd said Auckland prices have taken the largest hit.
'Tāmaki Makaurau has seen the largest decline in the average asking price, from both a month-on-month (-2.4%) and year-on-year perspective (-2.7%).
'If we look at the price in June, and compare it to the same time last year it shows a fall of close to $28,000. That said, the average asking price of property in Aotearoa's largest city continues to hold above the million dollar mark (at $1,005,950), $150,000 more than the Bay of Plenty, which is the next most expensive region,' said Lloyd.
Deep South, good gains
The average asking price for a property in Otago has grown by close to $54,000 in the year to June, a 6.7 per cent increase.
There are four districts within the region driving the increase, Waitaki where prices are up 2.8 per cent year-on-year, Dunedin (+2.2%), Queenstown Lakes (+1.8%) and Wanaka (+1.3%)
'Otago is a huge and diverse region, it's laid-back, incredibly scenic and is particularly appealing for lovers of the great outdoors, a wonderful place to call home.
'With recent Census figures showing increasing Kiwi to be moving south it will be interesting to see if the growth in house prices in Otago continues its steady upward trajectory,' says Mr Lloyd.
Outside of Otago, Southland has also made good gains across the year with the average asking price up 3.4 per cent or around $17,000.
'The average price in Southland in June was just over $522,000, so while it's on the up it still remains one of the most affordable regions across the motu.'
Further north, both Hawkes Bay and Taranaki show strong year-on-year growth. The average asking price in Taranaki is up 5.2 per cent or close to $35,000, while Hawkes Bay prices have increased 3.8 per cent year-on-year, the equivalent of more than $27,000.
Supply and demand down both fall
The number of listings on Trade Me Property, which hit a decade high in March, fell nine per cent between May and June but remained four per cent up year-on-year. Demand was also down 12 per cent on the month prior but flat compared to June 2024.
'Seeing supply dip at this stage of the year isn't unexpected, but there remains plenty of choice in the market for those house hunting with several thousand more properties listed on site than the same month last year,' says Mr Lloyd.
The median number of days onsite increased from 70 in May to 78 in June.
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