2 Aug 2010

Average asking price for property drops to yearly low

5:22 am on 2 August 2010

The average asking price for houses on the property market has dropped to its lowest level in a year.

The property website realestate.co.nz has released statistics showing the average asking price was $400,481 in July.

The website's chief executive, Alistair Helm, says that is $9577 less than in June.

Mr Helm says prices usually drop in the winter, but the property market is slowing more than is usual for the season.

He says sales are declining, leaving more unsold properties on the market and home owners have realised they need to compromise on price.

Mr Helm says there were 29,844 sales in the first six months of 2010, almost a 12.7% decline on the same period last year.