It was the first time since September 2017 that the price had dropped under NZ$900,000, “a sign the Auckland market was retreating”, results from the latest Trade Me Property Price Index show.

Head of Trade Me Property Nigel Jeffries says in a press release: “After the leaps and bounds the Auckland property market has become accustomed to over the last four years, we’re finally seeing prices start to ease, which is great news for those on the house hunt.”

Jeffries says despite property prices falling in the Super City, sellers and homeowners shouldn’t panic.

“It can be unsettling for homeowners to see the value of their biggest asset shrink, but this is all part of a dynamic property market. Auckland’s growth in the last five years couldn’t continue indefinitely. We think we’ll see a bit of a stagnant period continuing in the next few months.”

However, apartments in the Auckland region bucked the trend and hit a new high of NZ$661,700 in July, up a solid 7.7 per cent on last year.

“Urban property options, particularly apartments, are still extremely popular with buyers because they’re more affordable,” Jeffries says.

“While the Auckland market has slowed, we’re still seeing huge demand for properties which make a great first step onto the property ladder or a good investment.”

Read the full release here.

First published 20 August, 2018.

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