More houses available on the property market has not cooled prices as buyer demand continues to grow.
Photo: 123rf
The Real Estate Institute's latest industry figures show the national house price index rose 3.8 percent, to a record-high in October, compared to the year earlier.
Seasonally-adjusted sales increased 11.5 percent over the year as hundreds more homes were snapped up in the regions.
The market was almost exactly split between buying homes below and above $500,000.
The national median house price rose 6 percent, to a record $562,000, over the year before.
Auckland's median price lifted 1.8 percent to $865,000 - the highest price in seven months - but the city's house price index fell for the first time in a year, suggesting prices have stabilised.
Five regions, Hawke's Bay, Taranaki, Whanganui, Canterbury and Otago, reached record price-points.
REINZ chief executive Bindi Norwell said prices had not cooled because supply was still too short around the country.
"Until we seriously address the fundamental housing supply issues, record price increases is something we're going to see around the country, particularly as Aucklanders continue to move out of the city for both lifestyle and affordability reasons," she said.
