High house prices, record low inventory

Records are falling as people continue to snap up property in Auckland.

The latest RealEstate.co.nz Property Report shows the region has posted another record with average asking price of more than $585 thousand.

It's the highest level recorded in five years.

Marketing manager Paul McKenzie says Auckland has also registered a record low for inventory.

He says if the amount of properties listed stayed the same it would only take 18 weeks to sell out.

The average asking price for New Zealand is more than 430 thousand and registers an inventory of 30.9 weeks.

There's also been a lift in new listings around the country in August.

But ASB says while there was an increase in new listings in Auckland this was insufficient to meet the huge demand.

Elsewhere in the country, house price gains have been more subdued.

In the other place to watch, Canterbury, ASB says new listings remain low despite strong house price increases reflecting the housing shortage.

Photo: NZ Herald