Auckland's average residential property asking price dropped 1.5 per cent between December and January, from $908,850 to $895,000, according to the Trade Me Property Price Index.

Nigel Jeffries, head of Trade Me Property, described Auckland as "cooling" during the summer.

"We're seeing definite signs that the super city is taking its foot off the gas after a very wild ride. Homeowners in Auckland don't need to panic though, and will take some comfort that the average asking price in the city is still up almost 12 per cent over that past year," Jeffries said.

New Zealand's average asking price rose 0.2 per cent between December and January, according to the index which measures trends in the expectations of selling prices for residential property listings added to the web site by real estate agents and private sellers during the past three months. It gives an insight into 'for sale' price trends by type and size of property, Trade Me says.


Data from Quotable Value, Barfoot & Thompson and the Real Estate Institute of New Zealand also showed changes in Auckland's market lately.

An ASB Bank survey out this week also showed expectations of prices in the Auckland market turning more bearish.