The national average asking price in New Zealand has retreated with property prices returning to the same level as in August 2021, according to the latest Trade Me Property Price Index.

House prices are NZ$130,400 less than the March 2022 peak, with the national average asking price sitting at NZ$841,050 in June, Trade Me Property sales director Gavin Lloyd said. He added: “New Zealand’s average asking price hit a record high of NZ$971,450 in March 2022, but since then prices have continued to cool. In June, property prices were down 9% on the year prior. If we look closer at a regional level, some prices have retreated more than the national average.

“In the Auckland region, the average asking price in June reflected what we last saw in March 2021 at NZ$1,054,750, while in Wellington, prices have returned to levels first seen in February 2021 at NZ$813,200. In Canterbury, prices cooled to NZ$685,750, a figure we last saw in December 2021.

“Prices are still going down, but the rate of this decline is easing. These trends suggest that now is a good time to buy if you have the deposit behind you.”