Selling prices for houses in Auckland dipped 1.1 per cent last month, according to new figures issued today by the region's largest real estate firm, Barfoot and Thompson.
The average selling price was $585,838.
Company managing director Peter Thompson said the low number of properties for sale was the "most significant factor" affecting the market.
"Restricted choice has been an influencing factor all year, but whereas in the past four months it has contributed to rising prices, in September buyers were cautious about paying more than their assessment of market value.
"That combination of elements trimmed about $6000 off the average selling price during the month.
Prices compared to the same month last year were up 6.9 per cent. Thompson said the firm listed 1266 new properties last month, a 10.7 per cent fall from August. There were 969 sales made during September, down 4.6 per cent from the month before.
"At the end of September we had only 3733 properties on our books, so we are starting the month with available listings remaining at their lowest in a decade."
Thompson said top end properties continued to sell well in September, with 78 homes selling for more than $1 million, representing 8 per cent of all homes sold during the month.
"At the same time we sold 456 homes for less than $500,000, representing 47.1 per cent of all homes sold.