June saw the number of properties on the Auckland market slip to their lowest level in nearly four years, according to Barfoot & Thompson.
"Choice at present in Auckland is severely restricted," said Barfoot & Thompson managing director Peter Thompson.
"Many current home owners appear to be putting off making decisions about property until they have a better feel for where the economy is heading.
"At the end of June we had only 5067 properties on our books, the lowest number since August 2007.
"New listing for June at 1153 was consistent with the number for May (1169) and with June last year (1194), but not sufficient to improve the lack of choice which has been tight for the past three months.
"When available listings are this low the market is normally running hot with prices and sales volumes on the rise, but that is not the current situation."
Thompson said sales volumes were steady in June with 873 properties sold, down 1.8% on May's sales.
"However, they were up 31.3% on those for June last year, continuing a four-month trend of this year's sales being higher than those for the corresponding month last year.
"Prices also eased in June with the average price reaching $521,019, down 1.6% on the average price in May, and down $2,000 on the average price for June last year.
He said there was a high level of demand for properties, but that the lack of confidence in the future of the economy was creating a brake on the willingness of owners and buyers to commit to their housing plans.
"It is a situation that is unlikely to change until late Spring."