New Zealand residential property in 2011 continued to claw back value, according to December sales figures released on Wednesday by Government valuer Quotable Value.
National property values had risen 2.4% by the end of 2011, to sit 3.5% below the previous market peak in late-2007.
Auckland City east recorded the highest 2011 average sale price, to $745,691, while the New Zealand average was $398,411.
Queenstown-Lakes recorded the highest South Island average sale price, of $521,089.
Dunedin property values were 1.6% higher than in 2010, to finish the year at $265,210, 5.2% below the late-2007 peak.
However, QV research director Jonno Ingerson urged buyer caution, saying it was "difficult to pick" whether values would continue to rise in Dunedin in 2012.
"Despite national values moving upwards during the year, the property market continued to be characterised by lower-than-normal sales volumes," he said.
"First home buyers came back into the market in 2011, encouraged by low interest rates, while investors were largely on the sidelines."
Values across New Zealand were stable during the first three months of 2011, with national values gradually increasing in all the main centres and many provincial and rural towns, from April to September.
"However, the year ended with the first signs that this apparently nationwide recovery may be faltering," Mr Ingerson said.
"While up a few percent on the sales volumes of 2008 and 2010, both of those years were the lowest since the early 1980s.
So, outside of those two years, 2011 is the lowest for 20 years," he said.
