A recent real estate survey has revealed fewer agents have observed a notable increase in house prices.

Of the 324 respondents, a net 28 percent of agents said prices were rising in their locations in November- down from 34 percent in October.

Independent economist Tony Alexander says this indicates a lack of 'frenzy' in the current housing market.

"I get the feeling for over summer, a lot of people have had enough- they're just going to turn the brain off for maybe one or two months and come back in February."

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