Locals across the Hibiscus Coast are keeping a close eye on the Auckland housing market, with the latest data showing a significant shift.

For the first time in nearly four years, Auckland’s average asking price for properties has dipped below the one-million-dollar mark, sparking interest from potential buyers.

According to Trade Me Property, the average asking price in Auckland fell to $986,750 in August 2024, a 1.3% drop from July.

This marks the fifth consecutive month of falling prices in the region.

Gavin Lloyd, Trade Me Property’s Customer Director, explained that the coming months will be crucial in determining whether this trend continues.

“It’s going to be interesting to see what happens to prices over the next month as we come into Spring,” said Lloyd.

“September results should give us a clearer picture of whether the recent drops are due to a difficult winter or if there’s a deeper issue in the housing market.”

One local couple, Sam and Pam Gaviola, recently took advantage of the price drop, purchasing a four-bedroom home in Henderson Heights for $900,000.

After a long search, attending more than 50 open homes, they found the right property.

Despite some moisture issues and necessary roof repairs, they managed to negotiate the price down from $999,000.

Pam shared that their persistence paid off: “While it took us a long time to find the right property, it helped us understand our price point and what we were willing to shell out for.”

The couple financed their purchase with savings and KiwiSaver, even taking on side jobs to boost their income.

Across the country, property prices are also trending downwards.

Nationally, the average asking price in August was $818,250, a 2.3% year-on-year decrease.

Mr Lloyd highlighted that consecutive monthly declines could push the national average below $800,000, creating potential opportunities for buyers.

While North Island regions have struggled, four regions in the South Island have seen year-on-year price increases, with Marlborough, West Coast, Otago, and Southland showing positive growth.

Gisborne was the only North Island region to see a significant rise, with prices jumping by 9.9% in August.

As the housing market continues to evolve, locals and first-home buyers may find themselves well-positioned to take advantage of these lower prices.