Boom in housing prices seems to be repeating history of 2007 as prices continued the upward journey in November as well by touching the 23-month high level of $550,000. House prices rose 1 per cent as compared to average prices in October this year.

Peter Thompson, Managing Director of Barfoot & Thompson said, "For the third consecutive month, the average price achieved increased, confirming that prices have consolidated around present levels."

He added that the recent steep rise in prices have washed all losses made in past two years due to global slowdown.

Barfoot & Thompson listed more than 1600 new properties, the highest number of listing available since May. The firm sold 862 properties in November, which becomes 57.8 per cent higher than properties sold in the corresponding period last year.

However, its rent collection declined $5 a week over that for October to stand at $397.

Terming the market more rational and measured, Thompson said, “The level of activity and strength of prices in the housing market is a strong signal that in Auckland at least property has returned to being seen as a sound, medium to long-term investment option."