Residential property prices continued to creep up in August, according to QV.
Its latest index has been released, showing that values have risen 1.6% nationwide over the past three months, 4.8% over the past year and are now 0.4% off their 2007 peak.
Jonno Ingerson, QV’s research director, said: "The main centres continue to lead the growth in national values, with values increasing fastest in Auckland. Wellington and Tauranga are the notable exceptions, with values in both remaining steady for the past few months. Outside of the main centres values in most areas have remained relatively stable for the past year.
He said across the country there were common trends, such as a shortage of listings leading to a lack of choice for buyers, active first-home buyers because of low interest rates, and investors back in the market for high-yielding properties.
Ingerson said more properties were expected on the market in spring.
"Typically at this time of the year we would expect to see more properties come onto the market, with the number of sales increasing each month from now through to November. This trend looks set to continue in most parts of the country this year, although the low level of stock may constrain the number of sales in some areas.”