The shrinking pool of properties available for sale is continuing to put pressure on house prices

Latest data from the Real Estate Institute shows median house prices across New Zealand increased by 19.3 per cent year-on-year, to a record 749-thousand dollars in December.

Chief executive Bindi Norwell says we had 24 thousand properties available for sale two years ago, but currently have just 12 thousand - half the number of two years ago.

Norwell says that increases competition for properties and there isn't enough to keep up with demand.