Market flips – biggest dive in five years

The average asking price for a property in New Zealand fell 4% last month to sit at $903,100 last month. This is the first year-on-year drop since March 2018, when the national average asking price fell by 1% in 12 months, to $636,650.

The drop last month marked the biggest year-on-year drop in five years, says Gavin Lloyd, Trade Me’s property sales director.

“While we have seen signs of a changing market over the past six months, November marked a real turning point for property prices. It’s hard to imagine that this time last year there were meteoric price increases right around the country.”

Supply at a record-breaking high