Auckland's housing market has hit new records, with the average price breaking $800,000 for the first time and inventory shrinking to its lowest point in more than nine years.
Realestate.co.nz said the average asking price for Auckland jumped nearly 3.5 percent compared with the previous month, to $820,000 in June.
The national average price increased nearly 1 percent to a new record high of $537,000.
More properties were listed but demand outstripped supply, causing Auckland's inventory of housing stock to hit a new record low of 9.6 weeks, and a national low of 20 weeks.
ASB senior economist Chris Tennent-Brown said the lack of choice for buyers was pushing up prices.
"When it's this unbalanced, there's so few listings, you just know that there's going to be a lot of pressure in the market and people are going to have to pay a high price to get a house."
"We just need to be building more houses," he said.
Mr Tennent-Brown said interest rates were expected to fall further which was likely to fuel demand for houses.