Millions slashed off asking prices

[donna]

Hi PTers,

I got this email today - good news for property bargin hunters.....

New data out today from realestate.co.nz shows that over $63 million has been slashed from property asking prices across New Zealand in the first three months of 2025.

It's a clear sign that sellers are adjusting quickly to meet buyer expectations in a market with more listings, longer selling timeframes, and stock levels at decade highs.

What the data shows:

• Asking prices were cut by a total of $63,044,313 nationwide in Q1.
• The biggest total reductions were seen in Auckland, Waikato, and Wellington.
• Auckland also had the highest average drop per listing — nearly $60,000.
• One Auckland home shaved off over $600,000 from its original price.
• More listings had price reductions this year than in Q1 2024.

This is a snapshot of real-time seller behaviour — a strong signal of how much negotiation power buyers might have, before any final sale prices are even recorded.

Interesting data - maybe some desperate sellers - pushing up the average drop per listing for Auckland.

regards,

Donna

[hawkeye]

Would be interesting to see the split between apartments, new and second hand, and houses with land. I suspect it’s the second hand apartment market that is struggling.

[donna]

Further insights from the April 2025 NZ Property Report show:

• National average asking price has held steady in a financially volatile market
• Several regions (including Gisborne and Central North Island) have reported year-on-year average asking price growth
• Stock levels are up 6.2% year-on-year and buyer choice is strong
• Biggest year-on-year stock lifts seen across the motu with Gisborne (75%) and Central Otago/Lakes District (28.2%) leading the charge

Sarah Wood, realestate.co.nz CEO, says there's a silver lining in the midst of US tariffs and high unemployment - a property market that offers both buyers and sellers time, choice, and flexibility.


(click on image to see full size version)

As predicted - the NZ property market is poised for recovery! AKL, Wgn, Chch, still down - best time for FHBs?

regards,

Donna

[donna]

March 24 FHB in our family bought a house in Wgn - its value has dropped $50K - what's the bet it recovers this loss and adds some before the end of 2025!