There were 9,111 new properties listed across New Zealand in June, down from 9,898 in May. The level of unsold houses on the market at the end of June was 47,738 down from 48,352 in May and 50,398 in April.

The drop has resulted in the inventory of available properties on the New Zealand market approaching the long term average, measured by the number of weeks it would take to sell all the properties, for the first time since 2009.

The report shows inventory at 42.1 weeks, while the long term average is 41 weeks. Meanwhile, the average asking price remained steady at $415,053, up slightly from $414,308 last month, and down 2% from earlier in the year.

Realestate.co.nz chief executive Alistair Helm said the shift in the market that was seen in Auckland last month was now being reflected in other main centres including Wellington and Otago, as well as in regions including Bay of Plenty, Queenstown, Waikato and Nelson.