Realestate.co.nz says housing market has stalled ahead of the election
New Zealand's housing market experienced a stall in October, with average asking prices falling and auction activity hitting a seven-year low. Experts attribute the decline to market uncertainty ahead of the upcoming election.
Why it matters
Real estate trends are a key indicator of consumer confidence and economic stability in New Zealand.
The housing market stalled in October, according to property website Realestate.co.nz.
"New Zealand's property market went into a holding pattern weeks ago, as kiwis responded to a climate of uncertainty," Realestate.co.nz said in its October market report. The highlights:
Realestate.co.nz CEO Sarah Wood said auctions can be a sign of vendor confidence.
"Auctions tend to be more popular when buyer demand is strong and their fixed timelines require sellers to commit to a sale date," she said.
"What's interesting this year is that auctions have fallen to their lowest October share in seven years," she said.
The average asking price of properties advertised on the website was $840,380 in October, down 2.7% compared to October last year.
Auckland's average asking price was $984,527 in October, down 5.2% compared to October last year.
That was the second month in a row that the average asking price has been below $1 million.
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