Property buyer bide their time while the average New Zealand’s property asking price dropped by 2.4% compared to 12 months ago.
Latest data from realestate.co.nz shows another month of relative stability in average asking prices and stock levels, but little momentum as buyers hesitation continues while they await the next OCR announcement.
Housing stock was up 2.3% year-on-year to 30,721 compared to 30,028 in September 2024, while the national average asking price dropped to $851,259, a decline of 2.4% compared to 12 months ago.
Vanessa Williams, spokesperson for realestate.co.nz, says buyers are waiting to see what potential impact October’s OCR announcement could have on their purchase.
“With a lot of commentary around a more significant OCR drop on the 8th of October, perhaps buyers are in ‘wait and see mode’ as new listings grow but so does total stock, which means there’s plenty for buyers to look at,” Williams said.
Taranaki and Southland were the only two regions to report an increase in average asking price of over 5%. Taranaki’s average asking price was $688,769, up 5.6% and Southland’s average asking price was $558,709, up 5.2% from September 2024.
Marlborough (-10.8%), Central North Island (-7.7%), and Northland (-7.3%) reported the greatest declines in average asking price compared to the same time last year along with Gisborne, which, after recording an all-time high last month dropped to $572,553, a 7.5% decline compared to September 2024.
Overall, property stock largely remained stable across the country with a minor 2.3% increase compared to September 2024. Southland has recorded the biggest drop in stock of all 19 regions.
Vanessa Williams believes the current stable prices combined with high stock offers a window of opportunity for first home buyers to step up on the property ladder, especially if rates ease further. A further drop next week to the OCR could be the boost buyers are looking for.
