The housing market is showing signs of confidence following an increase in the number of properties being put up for sale, in particular in Canterbury.
Realestate.co.nz's latest property report shows the average nationwide asking price rose to a seasonally adjusted $445,529, a 5% increase on the same period a year ago.
The level of listings last month increased 14% compared with September, and is 12% higher than October last year.
However ASB senior economist Jane Turner says once the figures are seasonally adjusted the volume of houses available for sale remains very low.
"Where we did see a pickup in new listings on a seasonally adjusted basis was in Canterbury. That is very encouraging because this is one of the regions that had been struggling with low supply."