House prices in free fall

The average asking price for a property is now $925,150 - the lowest since October last year, and marks the second record-breaking price drop in a row following May’s 2% month-on-month dip.

After creeping closer to the $1 million mark over the past 12 months, the national average asking price is in retreat, sitting significantly lower than the all-time high of around the regions, the biggest average asking price drops were in the main centres. In the Auckland region, the average asking price fell 4% cent month-on-month, while the Wellington region was not far behind with a 3% drop.

Trade Me property sales director Gavin Lloyd says the only  regions to buck the trend were Otago and Taranaki, which had average asking price rises of 2% and 1% respectively when compared with May.

When compared with June last year, last month’s average asking price marked a 12% increase. “While this is still a significant, it’s the smallest annual percentage jump since November 2020,” says Lloyd.