House prices will rise by 24pc over the next three years due to low interest rates and a shortage of new housing, report predicts.

First-time homebuyers are being told to set aside suburb snobbery if they want to get on to the property ladder.

For the first time in 18 months, more people think NZ house prices will rise than those expecting a fall, says ASB Bank.

Auckland's biggest real estate firm says the average sale price rose $10,000 in July on the same month last year and look set to stabilise.