The New Zealand property market continues its holding patterns as we wait for an election outcome, new figures from Trade Me Property’s Price Index shows.

Head of Trade Me Property Nigel Jeffries said the average asking price for a typical Kiwi house has stalled for a second month, up a minuscule 1.1% year-on-year in September and down 1% on August to $607,400.

“We are seeing unusually low stock for this time of year. We think homeowners are to some extent waiting for an election outcome before they put their property on the market. The market is typically flooded with new properties in spring, but we saw 10 per cent less new listings in September than last year,” Mr Jeffries said.

“Right now, is a very good time for any potential sellers, there is less competition and we know there are plenty of buyers looking - views are up 3 per cent nationwide year-on-year.

“We expect to see the number of properties for sale pick up once Winston makes his decision and the uncertainty around the election has passed. Homeowners will have a better feel for how the government could affect their investment,” he added.

Jeffries added that the Auckland property market had eased with the average asking price up 2.5% on last year as LVR restrictions slow properties prices in and around the city.

“Sellers in the Super City have taken their foot off the gas, with the number of new listings down 20% on last year, leaving buyers with slim pickings compared to the glut of properties available over recent times.”

Mr Jeffries said Auckland was pulling the national average asking price down.