Nationwide house values have risen 14% to beyond $600,000 for the first time, while Central Otago and Queenstown continue their upward spirals, gaining respectively 18% and 27% on prices a year ago.
Central Otago's average value is $390,500, Queenstown Lakes $910,900 and Dunedin is up 11.1% to $331,900, according to data from government agency Quotable Value released yesterday.
Despite theories of a cooling in the heated Auckland market, and the effects of the Reserve Bank's latest loan to value ration (LVR) restrictions yet to be seen in data, Auckland prices were up 16% on a year ago at $992,200, rising 5.2% during the past three months.
Dozens of Auckland suburbs are already beyond $1 million averages, while the wider North Shore coastal is $1.32 million.
Auckland prices are now 81% higher than the 2007 boom, with Queenstown Lakes up 32.5%, Central Otago 32.5% and Dunedin 16%.
QV national spokeswoman Andrea Rush said Hamilton, Queenstown Lakes and Tauranga had shown some of the highest growth, with Hamilton values rising 31.5% since July last year, almost twice as fast as Auckland, which rose 16% during the same period.
She said Queenstown was the "clear leader'' in the South Island with its 27% rise since July last year and 8.1% gain during the past three months.
"Values in nearby Central Otago are also on the rise, up 18.3% year on year and 6.6% over the past three months,''
Ms Rush said.
She also noted the Invercargill market on the rise, after a long period of being "quite flat'', with values up 7.8% on a year ago and 2.7% during the past three months.
QV's Dunedin registered valuer Duncan Jack said Dunedin's market was still buoyant, with good levels of sales activity and a listings shortage continued.
"Demand remains strong across the city and across value ranges with modernised properties achieving particularly good sale prices,'' Mr Jack said.
It appeared vendors' sale price expectations were high, and when combined with strong competition and demand from buyers, for the limited number of properties on the market, it was continuing to drive home values up, he said.
Ms Rush said the Auckland market had continued to accelerate, up more than 5% during the past three months and it now had an average "just shy'' of $1 million, while many suburbs are individually already above $1 million.
The Reserve Bank last month ramped up its LVR requirements, extending the restriction for Auckland investors to have a 30% to 40% deposit requirement for investors over the entire country.
Ms Rush said it was too soon to see the impact of the Reserve Bank's new LVR, for those purchasing a property they did not intend to live in,
"However, there are reports the new rules have already led to some offers being withdrawn by investors in parts of the country,'' she said.
