Nelson house prices

PHOTO: The New Zealand residential property market is under massive price pressure. FILE

According to ONEROOF the prices on almost 5000 listings have been slashed in the past three months as more owners get realistic about their property’s worth in the current market.

The owners of a property on Stanley Road in Glenfield, in Auckland, are so committed to selling their house that they are slashing the price by $50,000 a week until it is sold. The price has already dropped by $350,000 since it was listed for $1.949 million at the end of April.

And it is not the only house price being marked down – almost five times more real estate listings have had their price altered by an average 3.95% in the three months ending May 31, 2022 compared to the same period last year.

Real estate agents made changes to 15% of all residential listings on OneRoof during the same three-month period with almost 50% of those corrections relating to Auckland properties, OneRoof analysis shows.

Across the country – including all parts of Auckland, Waikato, Bay of Plenty, Wellington and Canterbury – listings can be found with significant price reductions while others are being marketed as “below CV”. Agents often credit “motivated vendors” as the reason for the price drop.

In the last three months, the price was altered on 2379 listings in Auckland, followed by 597 in Waikato, 485 in the Bay of Plenty, 279 in Canterbury and 272 in Wellington.

While, the Central North Island, Taranaki and Wairarapa saw very few changes to their listing prices.

Northland had the biggest change in listing price dropping by an average 5%, followed by Southland down 4.56%, Bay of Plenty 4.5%, Waikato 3.8% and Auckland 3.47%.

Wallace Stratton agent Stefan Powney, who is marketing the Stanley Road property, said the owners were really committed to selling so the price would keep dropping by $50,000 increments until it either sold or until further notice.

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