In todays news from Barfoot and Thompson:
"
A massive 5.8 percent surge in average house prices in the past month has sent Auckland house prices to a 22-month high.



Rental prices also shot up - by the biggest monthly amount in seven years.
Real estate firm Barfoot & Thompson, which lays claim to selling around one in three homes in the country's largest city, said today the prices achieved in the Auckland market in October were "exceptional".


"We have not seen average prices comparable to this since December 2007," managing director Peter Thompson said.


According to the firm's figures the average sales price across the Auckland region in October was $544,745.


The new figures are further confirmation that the housing market is bouncing back extremely quickly from its slump last year.


Buyers are being encouraged by low floating mortgage rates, while the big downturn in the construction industry that started in 2007 is leading to a shortage of new homes. Strong population gains through migration are also contributing to upward pressure on house values."