Vendors reducing their asking prices to meet the market has probably been one of the biggest influences on the residential property market this year. Although average and median prices are compiled differently, it is the monthly trends for each that are important and allow a comparison to be made. The graph below shows both sets of figures, with Realestate.co.nz's average asking prices form January to August compared with the REINZ's median selling price from February to September. In January this year the average asking price was $882,386, while the median selling price the following month was $762,000. That suggests vendors have been getting more realistic in their price expectations, and consequently the gap between asking and selling prices is becoming easier to close.

Source: New Zealand Herald October 24, 2023 03:37 UTC