The average asking price for a house in Auckland has dipped below the million-dollar mark, falling to $989,250 in July, according to the latest Trade Me Property Pulse Report.

This represents a decrease of nearly $17,000, or 1.7 per cent, from June and is a significant drop from the March average of $1,057,300. This marks the first time since September 2024 that the average asking price in Tāmaki Makaurau has fallen below $1 million.

Gavin Lloyd, Trade Me Property's Customer Director, said the shift illustrated a clear seasonal pattern for the region and has been seen before. "This dip has occurred earlier than last year, suggesting that we may see a more prolonged period of prices below the million-dollar threshold in 2025.

“Last year, prices remained under $1 million for two months, and we anticipate this year's trend could last a little longer, offering a unique opportunity for buyers."

The national average asking price also saw a decrease in July, dropping to $821,750, a 1 per cent drop from June and a 0.4 per cent decline compared to July last year.

The regional highs (and lows)

The Bay of Plenty experienced a notable month-on-month decrease of 3.0 per cent, with the average asking price at $829,950 in July. Year-on-year prices are down more than 2 per cent.

Taranaki saw one of the most significant monthly decreases in the motu with the average asking price falling 4.1 per cent on June to $661,900. Year-on-year prices are down 1.9 per cent in the region.

Canterbury saw a slight increase in price, rising 0.5 per cent from June to $701,800.

“If we take Canterbury and compare average asking prices to a year ago it’s faring well, with prices up 1.2 per cent on July 2024.

“Southland is another region to call out, while prices are flat month-on-month (-0.4%) it’s showing solid growth on last year with the average asking price up more than 5 per cent - the strongest year-on-year growth of all regions we monitor.”

Favourable conditions for buyers

Despite the overall easing of prices, the market still has a healthy number of properties available.

"The current market dynamic is a golden opportunity for buyers," says Mr. Lloyd. "With prices moderating and a good selection of homes available, buyers have the time to conduct their due diligence and make a confident, well-informed purchase."

The number of residential properties for sale fell by 3 per cent between June and July but remained flat year-on-year. Meanwhile demand, as measured by total listing views, increased by 3 per cent month-on-month.

About the Trade Me Property Pulse Report:

• The Trade Me Property Pulse Report measures trends in the expectations of selling prices for residential property listings added to Trade Me Property by real estate agents and private sellers over the past three months. 
• It provides buyers, sellers and realtors with insights into ‘for sale’ price trends by property type and property size.
• The Index is produced from data on properties listed on Trade Me Property in the three months leading up to the last day of each period. Each period’s value is a truncated mean of the complete three months’ worth of listings. This is to better reflect trends in property prices rather than month-to-month fluctuations in housing stock.
• The Index uses an “80 per cent truncated mean” of the expected sale price to calculate the average asking price. This excludes the upper and lower 10 per cent of listings by price, and averages the expected sale prices of the remaining properties.
• It provides an insight into ‘for sale’ price trends by type and size of property. Other reports aggregate property price data across these various properties.
• Some of the numbers in this release have been rounded

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