Auckland's property market is showing signs of life, with a quarter more properties on the market than this time last year.

Local real estate agency Barfoot & Thompson reported that, in November, sale numbers rose by nearly 20 per cent, with an average price of $913,000.

Director Kiri Barfoot said buyers were slowly returning to the Auckland housing market.

"Interest from local developers and land bankers is returning, but there is still a degree of hesitancy as they await a clearer understanding of future Government policy," Barfoot said.

Last month there were more 4800 listings through the real estate agency in Auckland - the highest number in five years.

Barfoot said at the high end of the market, buyers were still seeing value in property at current prices. There was a significant rebound in the number of properties sold for more than $1 million.

A similar pattern of activity was evident in the lifestyle and rural sectors with sound sales numbers in Mangawhai and Wellsford in the north and in Pukekohe and Papakura to the south.

Properties valued in excess of $2m attracted strong interest.

But ASB economist Kim Mundy said "numerous uncertainties" driven by policy changes following the election and a slight easing of the Reserve Bank's loan to value restriction weighed on activity.

"We still see risks of further moderate price falls in Auckland due to the combination of higher inventory levels combined with uncertainty around the implications of Labour/NZ First's housing policies," she said.

"It will be some time before we are able to get a clear picture of the near to medium-term market direction. . . Looking further out, the combination of easing loan to value restrictions and an ongoing supply shortage in Auckland should underpin house prices," she said.