The property market is starting to show signs of reviving as we head into spring, with month-on-month increases slow but steady, according to Trade Me’s Property Price Index for September.
The national average asking price for a property was up 0.4 per cent in September when compared with August, following an identical 0.4 per cent increase in August, sitting at $840,050.
“Aotearoa’s property market has started to show signs of bouncing back as we start moving into the warmer months. While prices have certainly dropped since the peak highs seen in 2021, they now seem to be levelling out,” said Trade Me Property Sales Director Gavin Lloyd.
“Buyers looking to take advantage of the market might find the time is now as we head into the summer months, where we tend to see an increase in demand.
“If we compare with September last year, the national average asking price is still down by 6.2 per cent. However, based on the trajectory we are seeing the market move, I would say cashed-up buyers are in a great position to make the most of these market conditions before prices really head north.”
Wellington seeing a rebound
Prices in Wellington city are beginning to heat up once more, with the average asking price up 1.4 per cent on last year to $894,900 in September.
“Wellington saw some of the biggest price increases at the peak of the market, so it makes sense that after a bit of a correction the prices are also heading back up,” said Mr Lloyd.
The whole region has seen a modest rebound in every region except Porirua – down 1.2 per cent year-on-year.
Mr Lloyd said prices are still down in the Wellington region – with asking prices 7.3 per cent less than this time last year.
“At this stage it is far too early to say whether the general election will have any impact on the housing market in Wellington – especially given Wellington is the home of Government and the public service – but it will certainly be something to keep an eye on over the next few months,” Mr Lloyd added.
“Meanwhile in Auckland, prices went up 0.2 per cent in September, so we are seeing a very stable market there. But Aucklanders are yet to see the average asking price drop below the $1 million mark – with the average asking price currently sitting at $1,134,600 for Auckland city.”
Higher-density housing options dropping in price
In Auckland, Wellington and Christchurch cities, prices are down across the board for apartments, townhouses and units.
The biggest drop was for apartment living in Christchurch – with the average asking price down 16.2 per cent to $652,700.
“There are lots of benefits for picking a townhouse or apartment – particularly for younger and first home buyers, so I am sure many potential buyers will be watching this trend in Christchurch,” said Mr Lloyd.
“Apartment hunters in Auckland and Wellington might also find now is the time – with the average asking price in Auckland down 7.5 per cent and Wellington down 10.2 per cent,” added Mr Lloyd.
Smaller houses are also coming down in price, particularly 1-2 bedrooms in Auckland, down 11 per cent, and Wellington, down 4 per cent year-on-year.