Across New Zealand, the housing market is experiencing a notable shift, with property prices reaching their lowest levels in three years, as reported in the latest Trade Me Property Price Index.

The national average asking price fell by 1.1 per cent in July, bringing the figure to $824,900—the lowest since 2021.

Gavin Lloyd, Trade Me Property Customer Director, highlighted the significance of this trend, remarking that prices haven’t been this low since the aftermath of the pandemic's initial impact.

“Over the past two years, nearly $150,000 has been shaved off the average house price,” Lloyd said, suggesting that this decrease, combined with recent cuts in interest rates, might create a favourable environment for potential buyers.

The price decline, however, isn't consistent across the country.

While many regions in the North Island saw drops, Gisborne bucked the trend with an 8.6 per cent increase, making it the second most affordable region in the island.

In contrast, most regions in the South Island experienced price hikes, with the West Coast recording a 14.8 per cent surge.

Market activity is also on the rise, with property listings increasing by 29 per cent and listing views up 14 per cent year-on-year.

However, homes are taking longer to sell, with the median days on site extending to 75 in July.