Auckland sellers get real: Asking prices below $1m
Auckland's average property asking price has fallen below $1 million for the first time in six years. Real estate experts suggest this shift reflects a more realistic market approach as vendors seek to secure sales before the upcoming election.
Why it matters
The cooling of the Auckland housing market provides insight into broader economic trends and consumer confidence in New Zealand.
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Auckland's average asking price on Realestate.co.nz has dropped below $1 million for the first time in six years, although its median sale price has been there for some time.
The website's average asking price for the city in September was $993,562, about a quarter of a million dollars below the January 2022 peak of $1.274m.
It means the asking price is coming closer to what might be achievable - Real Estate Institute data put the median sales price for the city in August at $950,000, the same as a year earlier.
Realestate.co.nz spokesperson Vanessa Williams said the asking price was usually more than the sale price.
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