Once again house prices are on the rise in New Zealand. According to an article published in the Herald on 15 February, the national average is up 9.6% from last year. In major centres, buyers can be expected to pay a median price of between $380,000 and $550,000. The reason for this, according to one ASB Economist, is an imbalance between supply and demand: there's a high number of buyers, and a low number of listings. For this reason many sellers have chosen to go to auction with their listing; in fact, one out of every five houses in Auckland is now sold this way. This news doesn't bode well for property investors. Not only will they being paying a high price for property, but they'll oft…