Trade Me data shows national asking prices, listings, and search demand all easing in June
New Zealand's property market showed a familiar seasonal slowdown in June, with the national average asking price, new listings, and buyer search activity all easing as winter set in, according to the latest Trade Me Property Pulse Report.
The national average asking price fell around $11,000, or 1.3%, from May to $823,300, while new listings dropped 11% and search activity fell 14% month-on-month.
A predictable winter dip, but stable annual picture
Trade Me Property customer director Gavin Lloyd (pictured) said the monthly figures reflect a familiar pattern rather than a deeper downturn.
"It’s fairly typical for the property market to shift down a gear or two as the temperature drops," Lloyd said.
He pointed to steadier annual figures for reassurance, noting that "the annual picture tells a story of longer-term stability. Compared to June last year, the national average price is flat, while new listings and demand are both up around 6% suggesting the foundational demand is still there."
That stability held even as the rate environment shifted: the RBNZ lifted the official cash rate to 2.5% on 8 July, shortly after June's price falls were recorded, and signalled further hikes are likely, though timing remains "highly uncertain." Despite the move, REINZ chief executive Lizzy Ryley said the market has largely absorbed the shift already, noting mortgage rates had "largely priced in the move well before the announcement."
Auckland breaks the seven-figure mark, Wellington keeps easing
Auckland's average asking price fell 1.2% over the month to $992,700, marking the first time this year the city's average has dipped below $1 million, though Lloyd noted prices remain flat annually at 0.3%.
Wellington recorded a steeper 3.8% monthly fall to $736,800, its lowest point so far this year and down 2.7% annually. Canterbury bucked the trend, rising 0.3% for the month and almost 5% annually.
Lloyd suggested the softer conditions in Auckland and Wellington could work in buyers' favour, saying the price falls, "combined with healthier stock levels compared to a year ago, provides a great window of opportunity to negotiate with less competition in the market."
Northland runs hot against the seasonal trend
While most of the country cooled, Northland moved the opposite way, with asking prices up almost 8% for the month and more than 9% annually. Lloyd said smaller regional markets "can experience sharper, sudden jumps based on the specific make up of properties, and the volume however these increases do stand out comparative to the performance of other, similar-sized regions."
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