July’s new listings down 15% on year

The report says as the level of listings remains low the level of inventory of unsold properties on the market is also edging down.

"This low level of supply, if not met by a rise in supply in the short term could result in either or both price pressure upwards or disillusioned buyers exiting the market."

While this trend has spread nationwide, the report cites Auckland as the epicenter with the lowest amount of available inventory since 2007.

"Auckland currently has just over five-and-a-half months of available inventory based on the recent rate of sale, not since September 2007 has the region seen this level," the report said.