High demand from buyers drove inventory levels of property for sale to a five-year low in November while asking prices registered another record high.
The latest NZ Property Report from website realestate.co.nz shows the supply of new housing has fallen to just under 29 weeks of inventory.
That's a 29% drop from the same month last year and well below the long-term average of 39 weeks.
In Auckland, the supply has dropped to 15.5 weeks of inventory, the lowest level since realestate.co.nz began collecting the data in 2007.
Auckland's asking price also fell, along with Christchurch and Wellington, while most regional prices rose.
