Property prices in New Zealand have dropped for a fifth consecutive month, newly-published figures from auction site Trade Me suggest.
The figures show that the national average asking price fell by 1 percent in August to $899,200.
The average asking price had not been below $900,000 since October 2021.
The Wellington, Nelson/Tasman, Taranaki and West Coast regions saw the largest decreases in average asking prices.
Additionally, the data from Trade Me show that the number of properties for sale across the country has increased by 76 percent over the past 12 months.
“Prices are falling as a direct result of sky-high supply paired with comparatively low demand, taking the pressure off buyers and forcing sellers to lower their price expectations,” Trade Me Property sales director Gavin Lloyd said.
“August was the second month in a row where prices jumped by less than 10 percent year-on-year, which is remarkable coming out of two years of consistent double-digit price growth.”
Experts have said that rising interest rates are one factor that has contributed to the cooling housing market. The Reserve Bank last month increased the official cash rate by 0.5 percent to 3 percent in the seventh interest rate rise in the past 12 months.
