Asking prices show signs of easing

Asking prices show signs of easing

The average asking price for a New Zealand property hit a new high of $590,850 in June but the rate of increase is easing, according to the latest Trade Me Property Price Index.

Head of Trade Me Property Nigel Jeffries said the property market was still going strong but the rate of appreciation in asking prices was easing in many parts of the country after a ‘crazy’ few months.

“Since June last year the average asking price has increased by over $46,000. In a normal market that’s a fantastic level of growth but in New Zealand that’s an easing, for example back in September we saw a 12-month jump of over $80,000. We’ll be watching it closely, but this is a sign that the foot may be coming off the accelerator.”

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