Queenstown Lakes average prices are higher than wider Auckland's average, at $1.18million, while Invercargill had one of the largest percentage gains on a year ago, up 13.1%.
Quotable Value's general manager David Nagel said housing value growth for October remained "modest" across many areas as affordability constraints put the brakes on, after a period of sustained growth.
Despite a slowdown in Auckland, Mr Nagel said gross domestic product (GDP) growth remained strong and the labour market continued to perform well, which underpinned a "seemingly steady market".
"These factors, coupled with a steady interest rate environment and strong net migration, signal that the market is in a relatively strong position," he said in a statement yesterday.
A "real positive" was the continued resurgence of first-home buyer activity.
The latest CoreLogic buyer classification data showed first-home buyers remained a major presence across most main centres, particularly around Wellington and Christchurch.
QV's Dunedin property consultant Aidan Young said the city's values continued their upward trend, rising 10.5% since October last year and by 2.8% during the past three months.
The average value in the city is $422,674.
"Buyer competition remains intense, particularly in the $300,000-400,000 price bracket where first-home buyer activity is relatively high," he said.
There were "good numbers" of open home attendees and properties were selling "relatively quickly", he said.
"In this type of market, deadline sale methods are a popular choice for sellers who are looking to achieve an optimal sale price, while also allowing interested parties to undertake their due diligence process," Mr Young said.
Elsewhere around the South Island, Clutha, Westland and Invercargill regions led the way in quarterly growth, with respective value growth of 7.1%, 5.4% and 4.9%. Invercargill's 13.1% gain was the highest in the South Island, and among the highest in the country.
