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New Zealand Average Asking Price Firms in July, Says Trade Me

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New Zealand's national average asking price rose 1.7% to NZ$821,300 in July, the second-strongest annual increase in over a year, according to a Wednesday Property Pulse report by Trade Me Property.

Trade Me Property Customer Director Gavin Lloyd said the prices have been steadily building momentum since the start of the year, but they're still over 5% below their 2021 peak. It is a "recovery without a boom," Lloyd said.

Compared with June, the national average remained virtually flat month-on-month, down just 0.2%. Sellers are holding off for spring, and buyers are in no rush, Lloyd added.

The average asking price in Southland rose 9.7% year-over-year to NZ$529,000, 6.6% in Otago to NZ$924,650, and 6% in Hawke's Bay to NZ$742,750.

Southland prices fell close to 2% from June, while Otago showed strong growth of 8.5% month-over-month.

Auckland's average asking price rose 6% year-over-year to NZ$1.1 million.

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