Queenstown and Central Otago have kept pace with racing house values around the country during the past year, but Dunedin lags behind its provincial neighbours.
National residential property values have risen at their fastest annual rate in 15 months, driven by the heated Auckland market, rising at its fastest annual rate since mid-2004, data from Quotable Value for May reveals.
QV national spokeswoman Andrea Rush said the nationwide residential property values for May had increased 9% during the past year and 3.1% during the past three months.
''This means they are now 24.1% above the previous market peak of late 2007,'' she said yesterday.
Auckland City-South values posted the highest increase, up a massive 20.2% year on year to $901,000, Auckland City East was up by 18.2% to $1.24million and Auckland City Central up 12.9% to $856,000.
Nationally, the average was up 9% to $514,200.
During the past year, Central Otago values rose 4% to $326,480, while in the Queenstown Lakes region they rose 7.2%, to $717,130. Dunedin recorded just a 1.2% gain, to $293,400.
QV's Dunedin registered valuer Duncan Jack said the city's 1.2% annual gain showed overall that values were now 2.5% above the previous peak of 2007.
Dunedin-Peninsula and Coastal home values rose 2% year on year to $274,300, while Dunedin-Central and North home values rose 1.8% to $302,400, Dunedin-Taieri values rose by 1.9% to $305,400 and Dunedin-South values decreased by 0.5%, to $279,300.
Mr Jack said Dunedin values continued to ''move along steadily''.
''The traditional winter slow-down appears to have commenced, which is evident due to there being less activity from vendors who tend to not want to sell their homes at this colder time of the year,'' he said in a statement yesterday.
He singled out Mosgiel, saying it continued to be a popular location for new builds and development.
The majority of the buyers there were likely to be second or third-time buyers, purchasing larger new homes in the higher price brackets.
In general around Dunedin, there was still good demand from buyers across the value ranges, particularly in the lower end of the market.
