Property values are continuing to rise - but it appears the trend is largely driven by increases in the main urban areas.
Quotable Value says prices nationally are up 1% on the same time last year but are still 5.9% below the market peak of late 2007.
The average house price increased to $393,373 in November.
But the agency says all the action seems to be happening in traditional areas such as Remuera and Mt Eden in Auckland.
However, valuation manager, Glenda Whitehead says "there are signs in recent weeks that there are more properties coming on to the market, especially in the main centres".
Ms Whitehead says the "increase in supply will help to ease some of the upward pressure on prices presently caused by motivated buyers competing vigorously for the few available properties."