Average house price hits half a million

The average asking price for houses has hit half a million dollars for the first time, realestate.co.nz says.

The average price of homes for sale across in New Zealand during February was $511,421.

Prices continue to rise in Auckland and reached a new high of $764,424 up from $677,370 a year ago.

Taranaki also reached a new average high of $369,791, up from the previous high of $344,910 in December 2013.

"Key regions in New Zealand, such as Canterbury and Auckland, continue to show robust growth in average asking price, as well as a healthy number of new listings," Realestate.co.nz board director Bryan Thomson says.

There was 12,008 homes for sale across the country in February slightly down from 12,167 a year ago.

The statistics indicate some property markets with low inventory levels, including Central Otago, Canterbury, Wellington, and Auckland, continue to favour sellers.

While other regions, including Manawatu, Taranaki, Gisborne, Southland and West Coast, favoured buyers, Mr Thomson said.