Property asking prices drop in 10 of 19 regions

The biggest drop was in the West Coast, where the average asking price dropped 7.9 percent, to $331,025. Price drops between 0.7 percent and 3.6 percent were recorded in Wellington, Wairarapa, Manawatu/Whanganui, Northland, Southland, Bay of Plenty, Marlborough, Hawkes Bay and Coromandel.
Realestate.co.nz spokesperson Vanessa Williams said although the nationwide average asking price was higher in May than in April, there are early signs market activity is starting to pull back.
"For the past 12 months, we've seen continual month-on-month and year-on-year growth in average asking prices and last month and this month [April and May] we saw that in more than half (10 of the 19) regions they had gone backwards," Williams said.

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