The national average asking price for properties is up by nearly a quarter year-on-year, the latest Trade Me figures show.
Supply, the number of properties for sale on its website, is up 18 percent year-on-year.
Trade Me's latest Property Price Index, released on Tuesday, shows the national average asking price reached $958,100 in January. Compared to the same time last year, it's gone up by 24.6 percent, representing an annual dollar value increase of $189,100.
The annual rise in the average asking price is at the same level as in December, Trade Me property sales director Gavin Lloyd confirmed.
"Last month, it jumped a quarter in 12 months again to sit comfortably in the high $900,000s for the second month running."
Referring to "colossal" property price increases seen over previous months, he said supply "took a turn" in January. The 18 percent year-on-year increase in supply is an indication the property market "might be seeing a shift".
"We have long said that while it's impossible to know how long these price increases will continue, such immense growth is just not sustainable in the long run," Lloyd said.
The lower North Island had a particularly strong uplift in listings. Property listings in the Capital were up 91 percent year-on-year.
Similarly, listings in Hawke's Bay and Manawatu/Whanganui were up 87 percent and 79 percent respectively.
Regional average asking price up by at least 15 percent annually
With the exception of Otago, at 14.7 percent, Trade Me figures show the average asking price went up by at least 15 percent in every region.
The biggest annual increases were in Hawke's Bay (30.5 percent) and Canterbury (30.8 percent), followed by Manawatu/Whanganui (28.4 percent).
In Auckland, the average asking price was up 23.8 percent.
"Despite seeing the largest percentage increases out of all the regions, Hawke's Bay and Manawatū/Whanganui, along with Auckland, were the only regions to not see an all-time high average asking price last month," Lloyd added.
Auckland and Wellington's most expensive regions
The most expensive region in Auckland was Waiheke Island, where the average asking price was $1.826m.
Around the Capital, South Wairarapa was most expensive, the average asking price reaching $1.095m.
The most popular Auckland property listed online was a four-bedroom, two-bathroom home in Church Street, Onehunga.
With an asking price of $3.5m, it was watch-listed by 277 Trade Me users in the first two days.
The average asking price for three-to-four bedroom properties nationally was $978,000, increasing 26.8 percent year-on-year. For units, the average asking price was $640,800, increasing 25.2 percent.
