Asking prices for properties listed on a real estate website have reached a five-year high as supply shortages continue in some areas.
Realestate.co.nz's property report shows the average asking price for new listings was $426,575 in February, up 3% on the same month last year and 2% from January.
Chief executive Alistair Helm says this is the highest price the website has recorded since it started collecting data five years ago, reflecting a tightness of supply in some areas and strong demand.
Mr Helm says February's result shows new listings are picking up to meet demand, with 13,459 new listings representing a seasonally adjusted rise of 14% from January.
However he says there are still shortages in Auckland, Wellington and Christchurch.