-- New Zealand saw NZ$54.7 million wiped from property asking prices in the first quarter as sellers priced at levels closer to what buyers expect to pay, according to a Wednesday report from realestate.co.nz.
The total value of price reductions fell by more than NZ$8 million year over year in what the report described as a shift from a year earlier. The results come despite more properties hitting the market than in the year-ago period, and the total value of new listings rising by almost $800 million.
Across the country, vendors who cut their asking price in the first quarter did so by an average of NZ$33,212 per listing.
"More listings would normally mean more discounting, but that's not the case this quarter," said Vanessa Williams, a spokesperson for the online real estate marketplace.
"The data tells us that sellers are reading the room and pricing their properties closer to what buyers are willing to pay," Williams added.
The report noted that overall, the amount that vendors are cutting their prices has been trending lower during the last two years.