The traditional spring lift in the housing market has failed to eventuate, as record high prices put people off buying a home.
Photo: 123RF
Figures released by Realestate.co.nz show property listings in Auckland were down nearly 18 percent in September compared to last year and houses were now taking an average of three months to sell.
Realestate.co.nz marketing manager Vanessa Taylor said that showed the market was slowing down.
Buyers were moving from a 'must buy' mentality to a more cautious approach, she said.
Prices in the North Island centres were continuing to rise, but dropped in Canterbury by 2.5 percent and by just under two percent in Otago.
There were usually annual trends in the housing market but this year was proving to be very unpredictable, Ms Taylor said.