The average asking price for houses in Auckland and Canterbury climbed further in March, reaching their second-highest recorded figures of $610,628 and $438,298 respectively.
Nationally, the property market stabilised, and the 12,732 new listings in March did little to ease the record low in inventory seen in February, according to the New Zealand Property Report compiled by website Realestate.co.nz.
The average asking price, a seasonally adjusted mean, of $444,883 was only a small increase on February, but was 4 per cent up on the same time last year, and close to the $446,277 record set in November 2012.
"While asking prices fell in some regions around the country, the high figures in Auckland and Canterbury sustained a high national average," says Paul McKenzie, marketing manager for Realestate.co.nz.
The average asking price of $689,910 for lifestyle properties was 7 per cent higher than March 2012 and beat the previous record set in October 2012.
Wellington and Canterbury experienced falls in new listings of 9.9 per cent and 8.6 per cent respectively compared with March last year.
"The number of new listings in major centres is not keeping up with demand," Mr McKenzie said.