Sellers still keen to meet the market

In the site's latest Property Report, it shows that although sellers remain confident in the market, asking prices remained flat in June at $410,058 compared to the 4% drop seen between April and May, to $407,349, a drop which reflected a pragmatic reaction by sellers eager to "meet the market" in price terms.

"This would seem to indicate a resolve amongst sellers to focus on selling rather than any raised price expectation," the report said.

The current asking price expectation remains 4.4% below the peak of the market back in October 2007, which was $429,033.

Despite a lack of buyers, sellers also seemed motivated to continue listing properties in June, with a total of over 11,100 new homes coming onto the market last month, 5% down from the previous month but  16% up on June last year. Although figures are 5% down from May, Realestate.co.nz points out that when the expected winter slowdown is taken into account with a seasonally adjusted factor, there was actually a 5% increase from the previous month.