Lack of homes pushes up Auckland prices

Auckland values for October have climbed 2.5 per cent from the same time last year, while national values for October are 0.2 per cent above last year's, up from the -1.1 per cent recorded the previous month.

Last month the national average sale price for the country was $389,198, up from $387,567 in September, while in Auckland City the average sale price had dropped slightly by 0.2 per cent from $507,617 to $506,642.

QV valuation manager Glenda Whitehead said a shortage of properties, especially in urban areas, had led to more buyers than available properties, meaning many sold for well above expected values.