The Auckland property slowdown is showing no signs of abating as July asking prices fell by 2.2% on last year to $875,000 - the lowest average asking price since September 2016.
According to the latest Trade Me Property Price Index, Auckland’s average asking price has fallen by almost $71,000 since its peak in October 2018. Trade Me Property’s Aaron Clancy says first-home buyers will be “breathing a sigh of relief” as getting a foot on Auckland’s property ladder is now a little easier, something which has fuelled an upsurge in listing views over the last month.
“This is the fourth consecutive month that property prices have dipped in the Super City, after years of eye-watering price increases the heat has well and truly been taken out of the Auckland property market,” Clancy said.
“With interest rates hitting all-time lows and property prices dipping, it’s not surprising that we saw a surge of demand for Auckland properties in July, with listing views up 10% on last year.”
Auckland city was a 0.4% dip in asking price to $987,250, bringing it below $1 million for the first time in almost a year. North Shore City and Waitakere City asking prices also fell by 1.4% and 0.7% respectively.
Meanwhile, Wellington’s property market has gone in the opposite direction with asking prices rising by 9.4% year-on-year to $636,250.
“It’s full steam ahead for the Wellington property market after average asking prices rose $54,750 in just 12 months,” Clancy said.
“Since July 2014 average asking prices in the Wellington region have jumped 54 per cent. It’s not showing any sign of slowing down either, with the last two years seeing the most rapid increases.”
“With the spring selling season around the corner we expect to see a flurry of activity in the market and we think more record asking prices are likely in the capital.”