PHOTO: Trade Me Property

Since peaking earlier this year, property prices have fallen across the board, but the latest Trade Me Property data shows some regions have seen prices tumble further than others.

Trade Me Property Sales Director Gavin Lloyd said the national average asking price was $910,450 in July, marking a drop of $61,000 when compared with the all-time high in March. “Over the past two years we saw the national average asking price edge closer to $1m, peaking at $971,450 earlier this year, before making a U-turn in April.”

Mr Lloyd said analysing how last month’s average asking prices compared to property price records around the country shows which regions have seen the largest drops in value. “As the saying goes, what goes up must come down, and the regions that have seen the biggest price growth over the past few years are now seeing the steepest declines.”

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Auckland prices tumble by over $100,000

Mr Lloyd said the Auckland region has seen the largest price drop, with the average asking price falling by a whopping $102,250 to $1,156,150 in July. This compares to the region’s all-time high seen in March this year ($1,258,400).

“Despite seeing the biggest drop, the Auckland region was the only remaining spot around the country with an average asking price of over $1 million in July.”

Mr Lloyd said the Wellington region has seen the second largest dip, with its average asking price falling to $910,950 in July, $82,200 lower than its record high. “The Capital narrowly avoided entering the $1 million bracket, seeing an all-time high average asking price of

$993,150 in March before it began its descent.”

Another stand out region was the Bay of Plenty. “After seeing its average asking price creep into the $1m bracket for the ﬁrst time in February, the region saw a price drop of $56,350 to $945,200 in July.”

While prices are sinking across the board, Mr Lloyd said one region was ﬂouting the trend. “Interestingly, Otago appears to be doing its own thing, seeing prices dip by just $1,450 from the region’s all-time high in July.”

Supply surge driving price drops

Mr Lloyd said these price drops come down to a supply rush, with the number of properties listed for sale around the country seeing the largest year-on-year percentage increase of all-time in July, up by 53 per cent.

“We have now seen nationwide supply jump year-on-year for eight consecutive months and we saw the largest number of properties listed for sale ever in May during what is typically a quiet winter period.”

Mr Lloyd said data shows we are now in a different market than we were in 2020 and 2021. “We’re no longer seeing those relentless price increases and record-breaking asking prices month after month. If you’re looking to get a foot on the ladder, this is a great time to do it with home ownership feeling more attainable than it has in a long time for many Kiwis.”

Looking ahead, with supply showing no signs of slowing down, Mr Lloyd said we are likely to see prices sink even further in the coming months.

	All-time high average asking price	Average asking price – July 2022	Dollar ﬁgure change from all time high	Percentage change from all time high
Auckland	$1,258,400 (March 2022)	$1,156,150	-$102,250	-8%
Wellington	$993,150 (March 2022)	$910,950	-$82,200	-8%
Gisborne	$697,450 (May 2022)	$637,900	-$59,550	-9%
Bay Of Plenty	$1,001,550 (February 2022)	$945,200	-$56,350	-6%
Hawke’s Bay	$845,250 (February 2022)	$791,200	-$54,050	-6%
Southland	$532,400 (March 2022)	$493,550	-$38,850	-7%
Northland	$882,200	$845,850	-$36,350	-4%

	(March 2022)
Nelson/Tasman	$889,250 (March 2022)	$853,650	-$35,600	-4%
Manawatū/Whangan ui	$650,500 (April 2022)	$618,950	-$31,550	-5%
Canterbury	$724,300 (April 2022)	$703,400	-$20,900	-3%
Waikato	$877,400 (March 2022)	$860,450	-$16,950	-2%
Taranaki	$682,900 (March 2022)	$667,950	$14,950	-2%
Marlborough	$774,650 (February 2022)	$760,250	-$14,400	-2%
West Coast	$428,650 (March 2022)	$415,950	-$12,700	-3%
Otago	$838,300 (June 2022)	$836,850	-$1,450	0%
Nationwide	$971,450 (March 2022)	$910,450	-$61,000	-6%