Property prices inflate again with the average asking cost at a 13-year high

Property prices have inflated again, with an October report showing the average asking price at a 13-year high.

And spokesperson Vanessa Taylor believes the latest data reflects how thinly spread the housing market is.

Taylor said on Sunday the data from its October report is not surprising. It shows average asking prices in Auckland remain above $1 million - an 8.4 percent year-on-year increase - with record average asking price highs in six North Island regions.

"We physically do not have enough homes for sale," she said.

"With [housing] stock down nationally and in every region, these prices indicate that demand is outstripping supply."

And Taylor doesn't expect the trend to change anytime soon.

She said, however, it will be music to the ears of those wanting to sell. The data shows average asking prices in Waikato, Bay of Plenty, Hawke's Bay, Wairarapa, and Manawatu/Whanganui were all above $500,000 in October.

The largest year-on-year increase was in Manawatu/Whanganui - up 20.4 percent with the average asking price at $520,495.

"Our national average asking price has etched up just over $770,000 this month and that is great news - if you are looking to sell your property," Taylor said.

"We will continue to see ... new listings so [it's] still good news for buyers with new homes coming onto the market, but average asking prices are continuing to etch up."

With COVID-19 restrictions now fully eased in New Zealand, industry experts expected buyer demand and prices to stay strong.