Average home values across the country increased by 2.8% in the first quarter of this year and 7.7% in the year to March, according to QV.
The average value of a New Zealand home is now $502,411.
Of the major urban areas, the biggest increase in values occurred in the Auckland region where they rose 4.6% in the first three months of this year and 13.9% in the year to March.
The average value of an Auckland home is now $796,649.
In the Wellington region the average value was up 0.6% in the first quarter of this year and 1% in the year to March, to $544,607.
In Christchurch the average value rose 0.5% in the first quarter of this year and 5.3% in the year to March, to $472,130.
"The rate of growth in Auckland is exceptionally strong while values are rising more slowly than they were this time last year in Hamilton, Wellington, Christchurch and Dunedin," QV national spokesperson Andrea Rush said.
"Value increases are beginning to plateau in parts of the Christchurch market as the supply of new homes begins to meet the demand created by the earthquakes.
"Values in Tauranga and Invercargill rose moderately, while the Hamilton, Wellington and Dunedin markets are quite flat.
"The expectation is that Auckland will continue to accelerate while the rest of the main centres will remain steady with values either moderately increasing, staying flat or in some cases declining slightly," she said.
All parts of the Auckland region except Rodney and Franklin had double digit average value increases in the year to March.
The biggest value increases were in the south of the region, with average values in the southern suburbs within the former Auckland City boundaries increasing by 17.9% in the year to March (to $863,264) while average values in north west Manukau were up 16.2% to $555,043.
Some rural areas posted declines in average values, with the biggest drop occurring in the Ruapehu District where the average value declined 7.2% in the year to March to $129,347.
See the chart below for average dwelling values for all regions of the country:
| QV Residential Price Movement Index | |||
| Current period: three months to March 2015 | |||
| Territorial authority | Average current value $ | 12 month change% | 3 month change % |
| Far North | 302,825 | 0.2% | -1.7% |
| Whangarei | 347,095 | 2.4% | 2.9% |
| Kaipara | 345,828 | 5.2% | 1.8% |
| Auckland - Rodney | 707,259 | 8.1% | 3.0% |
| Rodney - Hibiscus Coast | 702,437 | 8.8% | 3.0% |
| Rodney - North | 712,839 | 7.2% | 2.9% |
| Auckland - North Shore | 935,891 | 13.4% | 4.8% |
| North Shore - Coastal | 1,072,468 | 13.2% | 5.5% |
| North Shore - Onewa | 754,149 | 14.1% | 3.7% |
| North Shore - North Harbour | 897,152 | 12.5% | 4.3% |
| Auckland - Waitakere | 626,268 | 14.1% | 5.2% |
| Auckland - City | 954,660 | 15.5% | 5.2% |
| Auckland City - Central | 826,509 | 11.3% | 4.7% |
| Auckland_City - East | 1,195,389 | 15.4% | 5.1% |
| Auckland City - South | 863,264 | 17.9% | 5.4% |
| Auckland City - Islands | 830,476 | 13.9% | 8.2% |
| Auckland - Manukau | 661,431 | 13.9% | 5.0% |
| Manukau - East | 870,424 | 13.5% | 5.5% |
| Manukau - Central | 499,190 | 11.5% | 4.2% |
| Manukau - North West | 555,043 | 16.2% | 4.9% |
| Auckland - Papakura | 480,939 | 12.8% | 3.8% |
| Auckland - Franklin | 494,946 | 8.2% | 2.4% |
| Thames Coromandel | 520,923 | 4.0% | 2.7% |
| Hauraki | 251,273 | 2.6% | 5.4% |
| Waikato | 293,200 | 6.3% | 2.1% |
| Matamata Piako | 284,463 | 5.6% | 2.1% |
| Hamilton | 373,661 | 3.4% | 0.5% |
| Hamilton - North East | 471,128 | 3.6% | 0.6% |
| Hamilton - Central & North West | 346,993 | 3.2% | 0.7% |
| Hamilton - South East | 345,643 | 2.5% | 1.1% |
| Hamilton - South West | 327,096 | 2.7% | -0.5% |
| Waipa | 353,268 | 5.8% | 1.5% |
| Otorohanga | N/A | N/A | N/A |
| South Waikato | 124,849 | -4.8% | -4.3% |
| Waitomo | N/A | N/A | N/A |
| Taupo | 343,544 | 3.6% | 1.8% |
| Western BOP | 419,448 | 2.4% | -1.0% |
| Tauranga | 466,378 | 5.1% | 1.7% |
| Rotorua | 268,628 | -3.1% | -0.5% |
| Whakatane | 295,444 | -0.2% | -2.3% |
| Kawerau | 104,629 | -0.9% | 1.2% |
| Opotiki | N/A | N/A | N/A |
| Gisborne | 229,158 | -2.5% | 1.6% |
| Wairoa | N/A | N/A | N/A |
| Hastings | 302,103 | 0.7% | 1.5% |
| Napier | 328,848 | 1.2% | 0.2% |
| Central Hawkes Bay | 213,472 | 4.0% | 5.9% |
| New Plymouth | 357,061 | 2.5% | -0.2% |
| Stratford | 192,033 | -1.8% | -4.7% |
| South Taranaki | 184,359 | 1.9% | -0.8% |
| Ruapehu | 129,347 | -7.2% | -6.6% |
| Wanganui | 180,541 | -1.7% | -1.0% |
| Rangitikei | 141,680 | 0.4% | -0.8% |
| Manawatu | 245,136 | 1.8% | 1.2% |
| Palmerston North | 289,325 | 1.0% | 0.0% |
| Tararua | 150,175 | -1.8% | -0.4% |
| Horowhenua | 204,723 | 1.0% | 0.5% |
| Kapiti Coast | 378,438 | 2.8% | 0.2% |
| Porirua | 379,242 | 0.9% | 0.0% |
| Upper Hutt | 337,003 | 0.5% | 0.7% |
| Hutt | 374,538 | -0.9% | 1.4% |
| Wellington | 544,607 | 1.0% | 0.6% |
| Wellington - Central & South | 552,419 | 1.0% | 0.1% |
| Wellington - East | 591,356 | 1.9% | -0.2% |
| Wellington - North | 480,133 | 1.7% | 1.8% |
| Wellington - West | 616,159 | -1.1% | 0.2% |
| Masterton | 239,643 | -0.3% | 1.3% |
| Carterton | 274,116 | 6.3% | 5.2% |
| South Wairarapa | 302,512 | 0.0% | 1.4% |
| Tasman | 419,517 | 0.8% | 1.1% |
| Nelson | 410,205 | 2.6% | 0.0% |
| Marlborough | 353,392 | 3.0% | 2.0% |
| Kaikoura | 353,298 | -1.6% | 2.9% |
| Buller | 198,252 | -5.6% | -1.9% |
| Grey | 218,747 | -2.9% | -2.6% |
| Westland | 228,774 | 0.9% | 0.5% |
| Hurunui | 338,485 | 2.0% | -2.4% |
| Waimakariri | 415,181 | 3.5% | 0.2% |
| Christchurch | 472,130 | 5.3% | 0.5% |
| Christchurch - East | 353,063 | 4.8% | 0.5% |
| Christchurch - Hills | 636,634 | 5.2% | 1.6% |
| Christchurch - Central & North | 552,194 | 4.8% | 0.1% |
| Christchurch - Southwest | 454,621 | 6.9% | 1.1% |
| Christchurch - Banks Peninsula | 477,643 | 2.0% | -1.9% |
| Selwyn | 518,718 | 5.0% | 1.6% |
| Ashburton | 325,192 | 4.1% | -1.0% |
| Timaru | 298,495 | 8.6% | 3.1% |
| MacKenzie | 316,939 | 6.7% | 8.6% |
| Waimate | 210,060 | 3.0% | 4.5% |
| Waitaki | 225,104 | 3.1% | 1.5% |
| Central Otago | 319,769 | 1.3% | 0.2% |
| Queenstown Lakes | 715,787 | 7.2% | 3.3% |
| Dunedin | 291,454 | 0.6% | -0.3% |
| Dunedin - Central & North | 303,242 | 1.6% | 0.8% |
| Dunedin - Peninsular & Coastal | 267,187 | 0.4% | -1.4% |
| Dunedin - South | 275,252 | -0.4% | -1.2% |
| Dunedin - Taieri | 303,637 | 0.7% | -0.3% |
| Clutha | 167,692 | 4.8% | 1.4% |
| Southland | 203,325 | 0.3% | -1.0% |
| Gore | 183,197 | 0.7% | -0.5% |
| Invercargill | 208,612 | 0.8% | 1.9% |
| Auckland Area | 796,649 | 13.9% | 4.6% |
| Wellington Area | 456,879 | 0.5% | 0.8% |
| Main Urban Areas | 593,412 | 9.3% | 3.2% |
| Total NZ | 502,411 | 7.7% | 2.8% |
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