Buyer demand cooling

Average asking prices in regional markets might be hitting new highs but new data suggests buyer demand is cooling nationwide.

  • 27 April, 2018
  • RESIDENTIAL
  • Trade Me Property, Property Prices

The latest Trade Me Property Price Index is out and it shows the average asking price in the regions outside the three main centres has hit the half-a-million-dollar mark for the first time in March.

Head of Trade Me Property Nigel Jeffries says the average asking price outside Auckland, Wellington and Christchurch grew 6.8% in the last year to reach $502,950.

Yet, despite the healthy regional growth, Trade Me Property’s data also indicates that buyer demand is cooling.

Jeffries says the average number of views on property listings was down 1.6% on March 2017.

“This drop in demand may be an indication that buyers are retreating as growing prices push them out of the market.”

Demand may be more subdued, but the data shows that it is spread across all property types.

Jeffries adds that units are becoming increasingly popular, particularly for first home buyers.

LJ Hooker NZ

Recent Articles

Click here to view our myMarket Reports for the latest property market evaluations