As the country holds out for an election outcome, so too is the New Zealand property market with the national average asking price in a holding pattern, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries said the average asking price for a typical Kiwi house has stalled for a second month, up a minuscule 1.1 per cent year-on-year in September and down 1 per cent on August to $607,400.

“We are seeing unusually low stock for this time of year. We think homeowners are to some extent waiting for an election outcome before they put their property on the market. The market is typically flooded with new properties in spring, but we saw 10 per cent less new listings in September than last year,” Mr Jeffries said.

“Right now is a very good time for any potential sellers, there is less competition and we know there are plenty of buyers looking – views are up 3 per cent nationwide year-on-year.

“We expect to see the number of properties for sale pick up once Winston makes his decision and the uncertainty around the election has passed. Homeowners will have a better feel for how the government could affect their investment,” he added.