Auckland and Wellington Property Markets Reach Record Lows

Auckland and Wellington are experiencing significant slowdowns in their property markets. Both cities have recorded extended selling times, surpassing historical averages.

In Auckland, the median time to sell a property hit 54 days, compared to a 10-year average of 43 days. Similarly, Wellington's median selling time rose to 60 days, above its average of 41 days.

This trend indicates a noticeable decline in market activity as buyers and sellers adjust to the changing conditions. Both cities are witnessing these record lows as they grapple with a shifting real estate landscape.

Originally reported by RNZ New Zealand Headlines.