The average selling price for homes in Auckland hit a new high in November, increasing by $9000 on the previous month to $627,721.
Auckland's biggest real estate company Barfoot and Thompson says it sold 146 properties for $1 million or more last month, an indication the new average selling price has become entrenched.
Managing director Peter Thompson says the high prices are encouraging more owners to list their properties.
But he says supply and demand is starting to level out, which could see prices levelling off.
Mr Thompson says new construction should eventually cause house prices to cool.
