Property prices continue to cool

The latest Real Estate Institute November sales data shows the median price is down 12.4 percent annually.

Auckland's median price saw a 18.1 percent drop and now sits at one million and 65 thousand dollars.

The number of sales have also fallen, they've taken a 36.1 percent dip.

Chief Executive Jen Baird says while the numbers are drastic, context is important.

She says that drop is coming after a record high last November.

Meanwhile the Trade Me Property Price Index shows the first year on year price drop, since March 2018.