Auckland house prices have surged 13 per cent annually and are up $83,000, from $637,000 last March to $720,000 last month.

REINZ chief executive Colleen Milne says that Auckland has posted a record number of auction sales in March, with almost one in two sales by auction.  Auctions tend to sell for a premium compared to other sales, and this in part explains the jump in Auckland median prices, although demand pressures remain.

Auckland's housing market has become a giant Ponzi scheme, one economist says, as residents pay each other to get in and drive prices up and up.

Meanwhile, there's a way to go in New Zealand's "aging bull" share market with the halcyon days of low mortgage rates looking to continue, according to one expert firm.