Residential property asking prices on Realestate.co.nz fell for the fourth month in a row in June, dropping 6.6% since February.
The average asking price reached $839,730 in June, down from $898,677 in February, a decline of $58,947. Auckland recorded an even steeper fall, with asking prices dropping 8.3% from $1,097,748 in February to $1,006,735 in June.
Asking prices declined month-on-month in 16 regions between May and June, with only Northland, Taranaki and Canterbury recording increases. Coromandel saw the largest monthly drop at $213,807, followed by the West Coast at $95,051 and Central Otago/Lakes at $59,381.
Stock levels rose to 34,761 properties at the end of June, up 7.3% year-on-year and the highest for June since 2014. New listings in June numbered 7,942, the highest for that month since 2020, though down from 12,252 in February.
Realestate.co.nz CEO Sarah Wood said "stock is up across almost every region, which means buyers can be more considered in their decision making". She added that "first home buyers in particular are recognising that conditions like these reward those who are ready to move".