A real estate website is showing asking prices for properties have reached an all-time national high - driven by a corresponding record low number of listings.
The property report from Real Estate.co.nz shows Auckland reaching its highest level yet with an average asking price of just over $630,000 and central Otago cracking the $700,000 mark.
There are now 42% fewer properties available for sale in Auckland than there were a year ago.
A shortage of houses for sale in Christchurch is also driving high prices there. However the website said the shortage is being felt everywhere, apart from in Southland.
Nationally, asking prices are up 4% on a year ago.
