The region is among the top five areas which have recorded major price drops in the first quarter.
Coromandel recorded the largest average drop, with sellers trimming $72,049 from their original asking prices, followed by Wellington ($51,841), Northland ($39,353), Central Otago/Lakes District ($38,774) and Auckland ($37,975).
Nationally, vendors took an average of $33,212 off each listing, wiping more than $54.7million from the property market in the first quarter, realestate.co.nz data shows.
However, in a shift from last year, the total value of price reductions has fallen by more than $8m.
Realestate.co.nz spokeswoman Vanessa Williams said this was despite more properties hitting the market than in the same quarter in 2025 and the total value of new listings increasing by nearly $800m.
‘‘More listings would normally mean more discounting, but that’s not the case this quarter.
‘‘The data tells us that sellers are reading the room and pricing their properties closer to what buyers are willing to pay.’’
For the past three and a-half years, the national average asking price had remained largely flat, placing greater pressure on sellers to meet the market, she said.
‘‘Buyers are still taking a considered approach, but the market is moving.’’
Overall, the amount that vendors were needing to reduce their prices by nationally had been trending downward over the past two years.
In the first quarter of 2024, the average price drop per listing was $42,864.
However, she said some regions saw a much higher share of vendors needing to adjust their asking prices.
Manawatū/Whanganui recorded the highest level, with 12% of listings in the region dropping their price, followed by Northland (11%) and the Central North Island (8%).
At the other end of the scale, Auckland and Canterbury recorded the lowest levels, with just 2% of listings reducing their price, she said.
‘‘What this shows is that conditions can vary significantly across the country.
‘‘In some regions, sellers are still needing to adjust more often, while in others, pricing is more stable.’’
