Record low housing stocks are set to push prices higher in Auckland and Christchurch where the gap between supply and demand continues to grow.
The latest property report from Realestate.co.nz shows listings nationwide have rebounded in February after a lull over the summer break,
But the number in Auckland rose less than 1% from January, while Christchurch listings fell more than 5% and are now more than 10% lower than a year ago.
The report also said inventory levels, which are measured by the number of weeks of equivalent sales, are at a record low of 26 weeks.
Auckland's inventory is 14 weeks and Canterbury's supply has fallen to 16 weeks, more than a third lower than the same time last year.
ASB senior economist Jane Turner said the momentum continues in Auckland and Christchurch. But the pickup in building consents was not enough to take the pressure off the real estate market.
The report shows the nationwide average asking price of nearly $434,000 is only 1% lower than a record high set last October.
