Barfoot & Thompson says it experienced a significant increase in the number of real estate listings in Auckland in February, slowing the pace of house prices in the city.
The real estate agency said new listings rose by 21% to 1752 in February compared with the previous month - the third time in the past five years new listings have reached 1700.
The average house price increased 0.6% in February to $604,000. Residential property sales in Auckland were up year-on-year by 16.8%.
Barfoot & Thompson said the number of properties for sale still remains at the lower end of the scale over the past decade and a significant number of new builds will have to reach the market before pressure will ease.