Figures released by QV have confirmed that the lack of supply in residential properties and a rise in demand has pushed their prices much higher in the month of October for the current year than they were for the same period last year.

There was a 2.5 % surge in Auckland home prices for October this year as compared to last year. Also, October recorded an annual rise of 0.2% for residential property prices across the country.

"While it is clearly a good time to sell, especially in the main centers, needing to buy again in a market which has a shortage of available properties for sale will also be putting some people off", said the QV valuation manager Glenda Whitehead .

In October, the average sales price for homes across the country was $389,198, a good rise from the $387,567 figure for September. For Auckland, the average residential property sale price had, however, slightly dropped by 0.2% from $507,617 to a lower $506,642.