Properties selling faster and prices increase

Trade Me’s August Property Price Index shows houses are selling within 68 days – falling six days from July. In comparison, properties were selling in just 28 days in 2021 at the height of the booming market.

Selling hit rock bottom in July this year when properties were spending 74 days on Trade Me’s website, while the national average asking price reached its lowest point since June 2021.

Trade Me property sales director Gavin Lloyd says last month was the turning point. “Days onsite wasn’t the only sign that the market had bounced back with vendors moving towards less price transparent methods of sale, he says. 

“Often the sales method changes depending on market conditions. In a hot market, when demand is high and supply is low, vendors tend to move towards less price transparent selling methods like auctions and tenders. In a cool market, vendors are more transparent about the price they want and opt for methods like enquiries over or an asking price.”