Average asking prices are continuing to drop, despite months of speculation the bottom is in for house prices.
The latest data from realestate.co.nz shows a 5.3 percent annual drop in the national average asking price in September to $871,400. The average asking price was also down 0.1 percent month-on-month.
Asking prices were down in 12 out of 19 regions month-on-month, with Nelson and Bays seeing the largest decline (3.7 percent).
Auckland (up 0.4 percent), Wellington (down 0.4 percent) and Canterbury (down 1.6 percent) saw average asking prices remain relatively flat compared to last month.
Average asking prices are above $500,000 in all regions for the first time after West Coast had a whopping 5.4 percent month-on-month increase, bringing its asking price to ($515,183).
Wairarapa also saw a large asking price increase, surging 5.6 percent month-on-month but still 5.1 percent down annually.
New listings down
September also saw new listings down year-on-year in most regions and the lowest new listings for any September on record in nine regions.
Waikato, Gisborne, Hawke's Bay, Wellington, Otago, Southland, Central Otago/Lakes District, Wairarapa, and Manawatu/Whanganui all fell short of typical September numbers.
Areas that saw listings increase on last year included Marlborough (up 3.3 percent), Auckland (up 6.6 percent), central North Island (up 9.6 percent), and Nelson and Bays (up 14.0 percent).
Vanessa Williams, spokesperson for realestate.co.nz, said Kiwis typically hold off on making significant financial decisions ahead of an election "while they wait to see who comes into Government and how expected policies might impact them".
Williams said it was a softer-than-expected start to spring.
"The election, suspected post-election Reserve Bank movements, and interest rate rises appear to be dampening the influx of listings that warmer weather usually brings to market."
The total amount of housing stock on the market (23,564) is down 9 percent annually.
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