Homeowners drop price expectations

Wairarapa recorded the biggest asking price drop of the 19 regions, in New Zealand, the latest realestate.co.nz figures show.

Wairarapa property owners had lower expectations of how much their homes would sell for last month, new figures show.

Average asking prices fell month-on-month by 13.2 per cent to $285,829, according to the latest figures from realestate.co.nz.

Wairarapa recorded the biggest asking price drop of the 19 regions.

However, the number of listings compared to March 2013 rose 4.5 per cent to 207.

Nationwide, average asking prices for newly listed residential properties rose to a record high last month to $484,263 - up 9 per cent on a year ago - driven by renewed seller confidence in the major centres.

New listings in Auckland, Wellington and Christchurch contributed to a slight overall monthly lift in listings from 12,167 to 12,488, however this was still 1.9 per cent down on a year ago.

Property Brokers Wairarapa regional manager Paul Joblin said it was difficult to know where the market stood until the latest Real Estate Institute figures were released later this month.

There was nothing obvious to indicate why the asking price had dropped so much, he said.

A number of houses were selling at the lower end of the market, but higher-end sales were lagging, he said.

Realestate.co.nz marketing manager Paul McKenzie said seller confidence in the major centres was rising, buoyed by strong demand, suggesting asking prices would continue to rise.

The average asking price was driven up by new record asking prices in Auckland ($683,169), Wellington ($469,487), and Waikato ($393,612), he said.

THE NUMBERS
** Wairarapa
Average March asking price: $285,829
Number of listings: 207
** Nationwide
Average March asking price: $484,263
Number of listings: 12,488