A surgw in asking prices in March broke the national record for the third consecutive month, with Central Otago-Lakes and Auckland continuing to duke it out for the top price in the country.
Auckland won the contest in March with an average asking price of $766,212. Central Otago-Lakes was second on $731,640 with the rest of the country well back.
The latest monthly data from realestate.co.nz showed the new average asking price in New Zealand was $514,712. At the same time, the number of listings in March was 11,870, a fall of nearly 5% from the same time last year and the lowest for March since 2009.
The March figure was down 1.1% on the 12,008 listings in February.
Realestate.co.nz chief executive Brendon Skipper said there was no let-up in the increase in asking price, especially with regions such as Canterbury and Auckland experiencing highs.
With the slight fall in the number of new listings in March, sellers were in a good position to maximise the value of their homes.
The report showed Otago, Southland, Central Otago-Lakes and the West Coast all had a fall in the number of new properties listed, with the West Coast down 21.5% and Southland down nearly 18%. Otago's listings were down 6.7% at 401 while Canterbury's listings grew by 3.8% to 1500.
ASB senior economist Jane Turner said the housing market remained tight, with a low number of listings relative to the current rate of sale.
The situation was most acute in Auckland, which accounted for nearly 40% of nationwide home sales.
''The number of houses listed in Auckland is incredibly low. Accordingly, we expect the upward pressure on house prices to remain greatest in Auckland.''
Concerns the Reserve Bank had about the stretch in house prices, particularly in Auckland, would be addressed by the use of prudential tools. The bank was expected to grow its prudential tool kit midyear, adding to the high loan-to-value lending restrictions already in place, Ms Turner said.
