PHOTO: Gavin Lloyd, the sales director of Trade Me Property
Trade Me property listings are currently being priced at approximately $100,000 lower than they were a year ago, as reported by the latest figures from the property website. In May, the average asking prices experienced a decline nationwide and in all monitored regions.
The national average asking price in May was $850,150, which represented a 10.5% decrease, equivalent to $99,500, compared to the previous year’s May figure of $949,650. This was a drop from the April average of $862,650. Gavin Lloyd, the sales director of Trade Me Property, stated that the national average has been steadily declining for the past seven months.
Even the West Coast, which had previously stood out by avoiding the declining trend, saw a 0.1% decrease in May, resulting in an average price of $409,700. Lloyd noted that although the national average asking price declined by 10.5%, the rate of decrease had eased compared to the 10.9% drops observed in both March and April.
Lloyd also mentioned that regional prices were showing signs of moderation, using the Wellington market as an example. The average asking price in Wellington declined by 13.1%, or $126,800, from $964,350 in May of the previous year to $837,500.
While the drop in the national average asking price on Trade Me appears significant, it should be noted that the region experienced a $139,700 decline in April, $13,000 more than in May. This indicates the possibility of the market stabilizing.
Auckland’s market, however, did not exhibit signs of stabilization, as the average asking price decreased by 13.2% to $1.06 million from $1.22 million in the same period last year. Lloyd mentioned that Auckland had been the most active market but was now undergoing a correction toward more sustainable levels.
In Canterbury, the average asking price decreased by 4.6% to $688,000 from $721,500 in May of the previous year. Christchurch was the only city where asking prices experienced an annual increase.
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