The average asking price fell across the country last month with Wellington leading the way with its first dip in five months.

Figures from Trade Me show the national average asking prices fell 0.6 per cent to $626,050 while Wellington fell just over 1 per cent to $562,250 between January and February.

Auckland asking prices were down just 0.1 per cent to $910,750.

Outside the main cities asking prices in the regions rose 1.1 per cent to $499,300 with a number of regions reaching new records.


Nigel Jefferies, head of Trade Me Property, said it was the first time in five months that Wellington prices had cooled after a "pretty hot" few months.

"Buyers in Wellington will be smiling through gritted teeth with a dip in asking prices and a 4 per cent increase in the number of properties for sale."

"It's a nice change for first home buyers after months of little stock and record asking prices."

But he warned asking prices in the capital were unlikely to fall further.

"We're still seeing fierce demand for properties in the capital with the number of views up 10 per cent on last year," he said.

Jefferies said Auckland buyers would be relieved as prices continued to slow.

"Demand for property in Auckland is well below the region's February 2016 peak and it seems for the first time in a while, buyers are in the prime position."

But Jeffries said demand for units was high in Auckland with asking prices up 2.9 per cent to a record $635,650.

"Units are becoming increasingly popular in our largest city, particularly for first home buyers eager to get a foot on the property ladder."

In the regions property prices in the Hawke's Bay, Manawatu and Marlborough all reached new records in February.

Comparing February 2018 to a year ago the Hawke's Bay has been the strongest performer up 15.9 per cent followed by Manawatu which rose 14 per cent.

Auckland was up just 0.5 per cent while Wellington rose 6.5 per cent. Canterbury was up 3.1 per cent. The South Island's West Coast had the biggest drop at 15.5 per cent.