The recent report on the state of the housing market released revealed that home owners are in a bid to sell their properties holding off, while waiting for their price.

The NZ Property Report, a monthly report of market activity, is reported to be formed by the Realestate. co. nz, a property listing website hailing 118,000 plus listings.

Chief Executive, Alistair Helm reveals that house prices have gradually registered a rise over the last 18 months, following slip of about 10% from a high in 2007.

Prices now are reported to be nearly 2% below October 2007.

"We've got massive inventory on the market, but sellers aren't getting desperate," said Alistair Helm, from Realestate. co. nz. "In fact, we're seeing asking prices remain quite steady, reinforcing the sentiment that sellers are becoming accustomed to a longer sales cycle as the new norm for real estate."

It is believed that despite of an unceasing rise in the number of unsold houses, sellers were ready to sit out a longer sales cycle and were not moving on asking prices.

The average asking price of sellers registered in April remained unchanged from March, at $422,520, merely 2% below the market boosting level in October 2007.