A surge of property listings has pushed the stock of unsold homes to its highest level in two-and-a-half years.
Property website realestate.co.nz listed 12,932 homes for sale in November, 7% more than same month last year.
The extra listings have taken the number of properties on the market to its highest level in two-and-a-half years, and at the current rate, it will take more than 53 weeks to clear the backlog.
The average expected selling price of newly-listed homes fell 0.5% to $417,660.
The website's chief executive, Alistair Helm, says sellers are becoming more confident about putting their properties on the market.