Listings shortage

However, the rate of increase is the lowest since December 2000. Company director Peter Thompson says: "This suggests a slowing in the growth of turnover in the Auckland real estate market, which is not yet being reflected in prices."

The average sale price in September was a record $403,000, up 18.5% on the same period last year. Over the three months in the September quarter, average house prices are up 19% on the same quarter last year. "Clearly there is a divergence appearing between sales volume growth and price growth, which is probably explained by the continuing shortage of listings. Our available listings are down almost 23% on last year."