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New Zealand Average Asking Price Falls in June as Listings, Demand Decline, Says Trade Me

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New Zealand's national average asking price fell about NZ$11,000, or 1.3%, from May to NZ$823,300 in June, with new listings dropping 11% and demand measured by searches falling 14% month on month, according to a Thursday report by Trade Me Property.

Trade Me Property Customer Director Gavin Lloyd said the numbers are predictable for this time of year, reflecting a seasonal market script, with the property market typically shifting down a gear or two as temperatures drop.

Auckland's average asking price fell 1.2% from May to NZ$992,700, marking the first time this year prices have dipped below the NZ$1 million average, the report added.

Northland defied the early winter slump, recording a near 8% increase in average asking price from May and annual growth of more than 9%, the report added.

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