Is this the biggest toy craze ever?

The hunt is on for one of the most sought after toys in the world - and some savvy consumers are cashing in.

The latest toy craze Hatchimals have become a rare commodity worldwide and with Christmas approaching parents are struggling to get their hands on them.

A number of Kiwis have bought up stock of the toys and are selling them on auction sites including Trade Me for almost four times the retail price.

The animatronic pets, which come in an egg and need to be cared for to hatch and grow older, have seen unprecedented sales worldwide.

What are Hatchimals?

The toys have been described as a Furby inside an egg. The "magical creatures" interact with kids while inside the egg, which contains one of two interactive Hatchimals. Kids need to take care of the Hatchimal while it is inside the egg to get it to hatch. When the rainbow eyes appear, the toy will hatch, pecking its way out of the egg while singing 'hatchy birthday' to itself. Once the toy has hatched, the owner needs to raise it from baby to toddler to kid. Hatchimals can learn to walk, dance and play games, and can repeat what you say in its own voice. Videos of Hatchimals hatching have gone viral on Youtube and boosted demand for the toy.

Read the full story on the NZ Herald.