There are more homes on the market in Auckland but the average asking price has reduced, new October figures show.

That’s the latest data from realestate.co.nz, which says listings of homes for sale are up 17 per cent to 9,906, compared to October 2017.

But average asking prices in Auckland have gone down 1.3 per cent compared to the previous month, dropping to NZ$964,936, data shows.

“Given the level of new listings, the total amount of stock for sale and a slowing of sales rates, the Auckland market is favouring buyers to an extent we haven’t seen for nearly nine years,” realestate.co.nz spokesperson Vanessa Taylor says.

This means buyers have a lot more choice and can take a considered approach to their buying process, she says.

“This injection of new listings and increase in total stock shows us that if theoretically no new homes were to come onto the market, at the current sale rate, the total pool of houses for sale on the market would sell out in 25 weeks – which is two weeks more than the long-term average of 23 weeks in the Auckland region,” says Taylor.

View the full report from realestate.co.nz here.

This article does not contain any financial advice and has not taken into account any particular person’s circumstances. Before relying on it, we recommend you speak with a financial adviser. This story reflects the views of the contributor only. Content comes from sources that we consider are accurate, but we do not guarantee that the content is accurate.