Property NZ asking prices fall- realestate.co.nz

PHOTO: The realestate.co.nz September report shows the average asking price fell to $865,348 – the lowest in four months. Photo credit: GettyImages.

Property prices dropped back a notch in September, the national average asking price at its lowest level in four months.

In a report released by realestate.co.nz on Friday, the national average asking price dropped to $865,348 in September. It marks a monthly drop of 2.8 percent, from $900,671 in August.

The average asking price was lower than $893,794 in July and $875,197 in June – the lowest since May, at $844,993.

As September included a mix of alert level 3 and 2 restrictions for areas outside of Auckland, the super city in COVID-19 alert level 4 until September 21, realestate.co.nz CEO Sarah Wood it’s too soon to tell what impact the COVID-19 Delta outbreak has had on the property market.

“It’s too soon to tell if the lower national average asking price is a trend…there are a number of factors at play,” Wood said.

Despite level 4 lockdown restrictions preventing private viewings, average asking prices in Auckland reached $1,196,975 in September – up 2.6 percent from August, and up 22.5 percent year-on-year.

“Auckland is an interesting one – the region is largely unable to transact, and this can result in only the higher-priced properties coming to market, swinging the data upward,” Wood explained.

Having reached a record low in August, stock and new listings “remain a challenge across New Zealand,” Wood said.