National property values for the past year are up 5.9%, a gain mirrored in Queenstown. However, in Dunedin the increase was more than two-thirds below the national average rise.
The national average property price for October, still largely driven by Auckland and Christchurch, was up 5.9% on a year ago at $484,307, while the Queenstown Lakes area was up 7.8% at $692,508 and Dunedin was up just 1.2% at $290,100. Wider Central Otago gained 3.8% at $321,665.
Auckland city's average is up 7.7% at $870,149, while Christchurch's average was up 4.3% at $463,646.
Quotable Value's monthly index showed national values during the past three months had increased just 1.1%, which is the slowest rate since October 2012, QV national spokeswoman Andrea Rush said.
''This means they are now 16.9% above the previous market peak of late 2007,'' she said.
QV Dunedin registered valuer Duncan Jack said home values in the wider Dunedin city had decreased by 0.2% during the past three months and were 1.4% above the previous 2007 peak.
''The Dunedin market appears to be more positive than during the winter quarter. Listings have increased but are still significantly lower than what might be expected for this time of year,'' Mr Jack said in a statement.
He said rising interest rates from March to July might still be causing ''some hesitancy'' in the market for property owners considering a move, ''perhaps acting cautiously and being concerned about overextending themselves''.
Ms Rush said spring was providing some life to residential provincial centre property values, noting the Queenstown Lakes values had ''finally ticked over'' the previous 2007 peak, by 0.7%.
