The $1 million-plus values of Queenstown edged closer to parity with Auckland and the Queenstown Lakes region, at $1,032,560 just $15,000 below Auckland's $1,047,699, according to Quotable Value.
The national average value is now 52.4% above the previous market peak of late 2007, QV spokeswoman Andrea Rush said.
''In the South Island, many areas saw positive value growth over the past year,'' she said.
Queenstown Lakes district values continued to accelerate, up 6% from November and 30.7% year-on-year.
She said the Mackenzie district continued to benefit from the overflow of rising values in Queenstown and Wanaka and Mackenzie values there were up 9.7% on November and up 26.9% year-on-year.
QV's Dunedin registered valuer, Duncan Jack, said Dunedin values continued to rise and there was very little, if any, slowing in sales during the holiday period.
''The market is certainly more active for the Christmas season than it has been for some years. We haven't experienced the usual seasonal slowdown over the holiday period,'' Mr Jack said.
Dunedin city values were up 15.5% year-on-year and a strong 5.1% during the past three months.
The average Dunedin value was now $359,055, but Dunedin-Taieri booked the strongest growth, values up 17.5% year-on-year and 6% since November, Mr Jack said.
Dunedin listing levels were ''fairly constant'', sales turnover was quick and listing periods had become very short.
Ms Rush said the December index showed nationwide residential property values for January increased 13.5% during the past year and were up 1.4% during the past three months. The average national value was $631,302.
The Auckland market increased 12.8% year on year and quarterly growth eased to just 0.2% over the past three months. The average value was $1.04million.
''Residential property values in the wider Auckland region are now 91.7% higher than the previous peak of 2007,'' Ms Rush said.
Values had continued to rise in Tauranga, Wellington and Dunedin amid ''relatively buoyant market conditions'', compared with the other main centres, she said.
''We're now seeing a strong trend of value growth in regional centres around the country,'' Ms Rush said.
Growth in regional centres was particularly for those within two to three hours' drive of main centres which had seen very strong value growth, such as Auckland, Wellington and Queenstown, she said.
