Average asking prices were stable in most regions during June, but there are no signs of the "bubble bursting".

In contrast to skyrocketing average asking prices and stock shortages of the COVID-19 era, the New Zealand market has cooled down in 2022; and the latest data from our team suggests that the market is stabilising.

Vanessa Williams, spokesperson for realestate.co.nz, says there has been some real change in the market during 2022, but the data suggests the market might be back to normal after an unprecedented couple of years thanks to the pandemic.

“During June last year, we saw all-time asking price highs in 15 of 19 regions plus record stock shortages across the country. As a result, there was a lot of urgency in the market with demand significantly exceeding supply.”

However, she says that June 2022’s data tells a different story, with average asking prices in most regions staying relatively flat compared to May 2022. The property market is offering plenty of choice for buyers, with stock levels also up significantly compared to last year.

“Kiwis are adjusting to living through a pandemic, and it looks like our property market is also settling after the disruption of the last two years.”