The asking prices of properties on Trade Me Property and demand from potential buyers both weakened in December.
The national average asking price for residential properties listed on the website declined from $854,900 in November to $849,550 in December, a decline of -0.6% for the month.
Compared to December 2023 the national average asking price was down -1.7%.
Declines in average asking prices compared to November were recorded in Auckland -0.5%, Bay of Plenty -0.3%, Hawke's Bay -0.5%, Manawatu/Whanganui -0.5%, Nelson/Tasman -0.1%, West Coast -1.8% and Canterbury -0.8%, with all other regions posting modest rises for the month - see the chart below for the full regional figures.
Auckland remains the most expensive region in the country with an average asking price of $1,047,800 in December, down by $20,000 (-1.9%) compared to December last year.
However, while the decline in asking prices was relatively modest overall, there was a much bigger decline in interest from potential buyers.
The website recorded a 30% drop in demand from buyers in December.
However, Trade Me Property's Customer Director Gavin Lloyd was hopeful that things would pick up this year.
"We can expect things to pick back up as buyers return to the market with renewed focus on finding a new property to call home," he said.
Trade Me Property Price Index - December 2024
14 Comments
"The demand for properties on the market experienced a substantial 30 per cent decline in December, the biggest drop across 2024."
"The demand for properties on the market experienced a substantial 30 per cent decline in December across Aotearoa, marking the most significant month-on-month decrease of the entire year in 2023"
Almost like this might be a seasonal pattern...
Its down, down, down further, in NZ Ponzi housing town!
Only a clown would propose housing price growth in 2025.
Head Clown Car Drivers over at Oneroofs: AC and TA, come to immediate clown mind!
-When will the housing specuvestors demand more erudite and expert writers on the Onespoof pages? Nar mate.... they just like echo-chambers of ongoing talk of speculation profits (well, actually major losses since 2021:)
See the latest lobbying effort from the self-interested real estate industry in its mouthpiece rag this morning. Shameless...
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