Three-yearly valuations prepared for the Queenstown Lakes District Council by Quotable Value (QV) were sent out to owners and ratepayers last week.
They show a 7.1% increase in residential property values across the district since 2011 - a stark contrast to the 11% fall in values between 2008 and 2011.
Residential property has helped drive up the total capital value of the district's 23,213 properties 6.3% to $18.83 billion.
Arrowtown residential property values have jumped 18.9%, while Arthurs Point (10.8%) and Fernhill (9%) are also well up on 2011 figures.
Central Queenstown, Frankton and Kelvin Heights have experienced rises of between 6% and 7%, while Jack's Point has bucked the trend with a 1.6% decline in values.
Real Estate Institute of New Zealand Queenstown spokesman Kelvin Collins said the figures reflected strong movement at the bottom end of the residential market - properties priced under $500,000 - that had been driven by rapid population growth.
''We had a surplus of rental accommodation and housing, and that's been sucked up now and there's pressure on the market.
''We haven't been building enough houses, and it's catching us out.''
The exceptions were Arrowtown - where a sharp rise in values was mainly the result of a restrictive urban growth boundary - and Jack's Point, where capital values had been dragged down by falling land values.
Two property development companies had been ''liquidating their assets'' in Jack's Point because of financial stress, which meant sections that would have sold for $300,000 in 2011 were now selling for less than $200,000.
Mr Collins said property owners who thought their new valuation was off the mark should ask QV to do a reassessment.
QV used a ''mass appraisal'' technique that relied on computer modelling.
''In an area like Queenstown, where every property has a different sun aspect and a different view, mass appraisal techniques are not as accurate.''
''They are tweaking the previous valuation, so if your value was wrong last time around, it will also be wrong this time.''
The Queenstown Lakes District Council uses capital value for setting rates, but the new valuations will not come into effect until the beginning of the 2015-16 financial year next July.
Council chief financial officer Stewart Burns said the revaluations did not affect the total rates collected, but were a factor in determining an individual property's share.
''If the property changes in value in line with the overall change for that type of property, then there will be little impact.
''If the property changes to a greater or lesser extent than the average, there will be an impact, depending on the degree.''
The deadline for lodging objections is November 6.
