According to the latest figures released, the housing prices in New Zealand have risen to its highest level ever during the previous month. The prices of houses in the country touched record high due to the limited supply of houses.

The figures released by Quotable Value showed that the total prices increased 3.2 per cent above the previous highest record of set in 2007 to about $428,692 in the country. The figures also showed that the prices increased 1.7 per cent compared to the previous three months. It is believed that the lower number of listings for sale or falling supply has resulted in higher prices in the country.

QV research director, Jonno Ingerson, said, "A few months ago the nationwide increase in values was mainly driven by Auckland and Canterbury. However, the rest of the main cities and provincial centres are now also increasing in value, although not as quickly as Auckland and Canterbury. As has been the case for several months, there are a low number of properties for sale and low numbers of new listings coming to the market."

He also said that the many buyers are looking to buy new houses but are not able to find the right property and added that when a quality home is put up for sale, its gets high offers in the marketdue to the lack of alternatives for the buyers.