Property website Trade Me Property recorded its biggest ever drop in average asking prices in May, while the number of properties listed for sale on the site surges. According to the Trade Me Property Price Index, the average asking price of residential properties listed for sale on the site was $949,700 over the three months to the end of May. It was also significant that the average asking price declined by 0.4% in Canterbury, where prices have been particularly resilient until recently. The first chart below shows the average asking prices throughout New Zealand and their monthly percentage declines. Trade Me PropertyTotal Residential Property Listings on Trade Me Property

Source: Stuff June 14, 2022 01:11 UTC