Auckland's average asking price falls below $1m for first time in six years

Auckland's average property asking price has fallen below $1 million for the first time in six years, according to new data from realestate.co.nz.

According to the data, the city's average asking price was $993,562 in September — more than $280,000 below its January 2022 peak of $1,274,829.

At the same time, the number of properties available to Auckland buyers had increased.

More than 3500 new listings came onto the market during September, up 7.7% compared with the same month last year, while total stock rose 13.8% to 13,958 properties.

Realestate.co.nz general manager of customer Vanessa Williams said falling below the $1 million mark was significant for the country's largest property market.

“For a long time, a million-dollar average asking price felt almost synonymous with Auckland, so dropping back below that level is notable," Williams said.

"But it also creates opportunity, particularly for buyers who’ve been waiting on the sidelines.

"The combination of almost 14,000 properties on the market and asking prices well below their peak has created one of the most buyer-friendly markets the city has seen in years."

The overall picture was relatively steady nationally, with the average asking price sitting at $855,245 in September — down just 0.2% with the same month last year.

Auckland was not the only region to record a drop in average asking price. Nelson and Bays' average asking price fell below $800,00 for the first time in five years, reaching $791,917.

Wairarapa recorded the largest annual decline, with its average asking price falling 9.2% to $667,375.

At the other end of the scale, Canterbury, Southland, Central Otago/Lakes and the West Coast all recorded their highest average asking prices for a September.

Canterbury was up 1.3% year-on-year to $736,585 and Southland rose 5.9% to $593,723.

Central Otago/Lakes increased 4.6% to $1,586,916, while the West Coast was up 0.8% to $514,013.

The amount of housing stock available to Kiwis also increased across the country.

There were 34,001 properties on the market in September, up 10.7% from a year earlier, with seven regions recording double-digit increases.

Gisborne had the largest increase in stock, up 62.7%, followed by Taranaki at 19.9% and Marlborough at 18.3%.

Southland was the only region to have fewer properties available than a year earlier, with stock down 8.5%.

Meanwhile, 9466 new properties were listed for sale across the country during September, a slight increase of 0.8% from the previous year.

That increase was not evenly spread, however, with new listings falling in 12 of the country's 19 regions. Southland recorded the largest decline, down 21.1%, followed by the West Coast at 14.3%, Hawke's Bay at 12.2% and Manawatū/Whanganui at 10.7%.

"Although many of our regions have seen a fall in new listings, we actually have more coming on the market than last September, and that wasn't an election year," Williams said.

BNZ chief economist Mike Jones said growing listings and slowing sales meant the stock of unsold homes was continuing to increase.

"Ample supply means prospective buyers have more choice and time, and there is little to no pressure on house prices to rise," he said.

Williams said sellers needed to compete for buyers through "good presentation, strong marketing, and realistic pricing".

"They all matter even more when buyers have options," he added.