The number of new property listings fell 17.5% across the country, year-on-year – with only 8729 new listings registered during August, latest data from realestate.co.nz showed.

Only the West Coast and Hawke's Bay had more listings than last year, according to a Fairfax article.

The regions of the North Island registered the most dramatic falls in new listings compared to the same period last year, with Auckland down 22.7%, Waikato 23.2%, Northland 24% and Coromandel 37.6%.

In Waikato, Taranaki, Wellington, Central Otago Lakes and Wairarapa, asking prices were still at record highs.

Wellington's average asking price sits at $579,423 but demand was low.  In the Wairarapa, the average asking price was up 7.5% to $430,387, and demand was also up 11.2%, placing it sixth of the 19 regions across the country.

For the first time in history, the Central Otago/Lakes District broke the $900,000 mark in asking prices – a significant lift of 9.1% to $919,460 from the previous month.

In August, Auckland's average asking price fell 1% to $933,502 in Auckland. “The Auckland market appears to have lost its shine when it comes to potential buyer interest and asking prices have fallen,” Taylor said.

“When you're coming off seven years of activity condensed into three or four years, there's going to be a hangover from that. That's what we're experiencing now.”

“It's also winter, when it's typically quite quiet, and there is the election and uncertainty about the change in government that could be coming.”

ASB economist Kim Mundy told Fairfax Media the data showed potential sellers were still cautious.

“After new listings hit a record low in July, they remained subdued in August, rising only 1.5%, month-on-month. This suggests that ongoing weak sales activity, as well as uncertainty over the upcoming general election, is making people think twice about whether or not to put their house on the market,” Mundy said.

Source: NZAdviseronline.co.nz