Mathew Ryan recently rejoined the Auckland house-hunt - but says he won't be getting caught up in any scramble to secure a home.

Mr Ryan has been going to open homes for about two months, but has not attended an auction yet. However, he was considering bidding on a two-bedroom bungalow in Ellerslie after attending its open home yesterday. But he said he would stick within his budget and take his time.

"At the moment it seems to be a sellers' market, and it is really difficult to justify the prices because they are not cheap."

However, Mr Ryan said that with interest rates at record lows, it made sense to buy rather than pay someone else's mortgage.


"It is almost the same with the low rates at the moment, although it is said that [the rates] are going to go higher.

"There are many things to consider. The Government is initiating its building programme, so the prices might come down."

Barfoot & Thompson agent Dianne Martens, who showed a steady stream of potential buyers through the Whites Way property yesterday, said it could be a frustrating time for those looking to buy. But persistence could pay off, she said.