The number of new listings of houses for sale is at its lowest in five years.
While new listings rose 3 percent in March from February, they are at their lowest level since March 2009.
According to realestate.co.nz listings, they were also down 2 percent compared with March last year.
However, the month-on-month rise means the total number of houses available for sale rose to just below 28 weeks worth of sales, up from 26 weeks in February but still well below the long-term average of 37 weeks.
New listings fell across most of the country in March, with just five of the 19 regions reporting a listing increase on a year-on-year basis, including Auckland and Canterbury.