13 June 2024

Average property prices stable despite Kiwis facing economic headwinds

Average property prices across New Zealand have remained stable in spite of strong economic headwinds.

The latest real-time data from realestate.co.nz shows that the national average asking price has remained almost unchanged for nearly a year and a half fluctuating between $860,000 and $890,000 since November 2022.

Most regions saw minimal fluctuations in average asking prices last month. Auckland region saw average asking prices dip year-on-year by 1.6% to $1,062,110 during May. Similarly, the national average asking price dipped by 1.6% year-on-year to $859,301.

In Waikato, the average asking price during May increased by 3.6% year-on-year to $816,445.

Sarah Wood, CEO of realestate.co.nz, says that while this may be surprising to Kiwis facing high inflation, rising living costs, and restrictive interest rates, the answer lies in the alignment of supply meeting demand.

According to Wood, whether we are at the bottom of the market remains to be seen.

“We can say that it has absolutely been a flat market for almost a year and a half.Thanks to this stability, it’s an advantageous time to transact because homeowners have a better chance at predicting property values when selling and buying,” says Wood.

The West Coast was the only region to hit an all-time asking price high last month. On the contrary, Wellington and Central North Island saw average asking prices fall year-on-year during May. Wellington’s average asking price fell by 14.1% year-on-year during May to $739,497.

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