Mr Lloyd said nationwide demand fell by 11 per cent year-on-year in December. “We always see the market slow down at the end of the year as we enter the silly season and Kiwi head away for the break, but last month demand reached an all-time low around the country.

“After two years of sky-high demand, what we saw in December was typical of the property market pre-pandemic. When compared with the same month in 2019, demand fell by just 2 per cent in December.”

Looking around the country, demand fell in every region except Nelson/Tasman, where it climbed 3 per cent year-on-year. “The biggest drops were seen in the Southland (-22%), Northland (-20%) and West Coast (-17%).”

On the other hand, Mr Lloyd said supply remained strong, with more properties listed for sale last month than in any other December on record. “Nationwide supply jumped 29 per cent year-on-year, with the biggest increase seen in the Nelson/Tasman region (+91%) where it almost doubled in 12 months.”

The Waikato (+61%), Marlborough (+56%), and Taranaki (+50%) regions all saw supply increase by at least half in December.

“In the main centres, supply increases were comparatively small, with the number of properties for sale up 19 per cent year-on-year in the Wellington region and up 15 per cent in the Auckland region.”

Price drops continue while demand follows suit

Demand tails off around the country

Urban property prices fall by 6 per cent nationwide