Auckland's largest real estate agency reports that, for the first time in recent years, listings of new houses available for sale surged in October.
Barfoot & Thompson says the 2016 new listings lifted the numbers available by more than 23% from September and this was the first time in more than five years that the firm's new listings have exceeded 3000.
Barfoot managing director Peter Thompson, says it is normal for new listings to rise in spring.
But the company's figures show show average prices hit another record high of $663,000 last month, and Auckland property experts say it could be at least six months before the effects of new mortgage lending restrictions are felt on the overheated housing market there.
A rival agency, Harcourts, says the average sales price rose 4% in Auckland and Northland last month.
ASB senior economist Jane Turner says it's too early to judge the new mortgage lending rules.
They should eventually slow the pace of price growth, although a combination of a lack of houses and Auckland's swelling population should continue to underpin the housing market, she says.
