The latest monthly property value index shows that the Auckland market has increased 14.3% year on year and values are 28% above the previous peak.
When adjusted for inflation values are up 12.5% over the past year and are 10.5% above the 2007 peak.
The rate of growth in property values across the Auckland region has slowed considerably with values increasing 0.9% in the past three months and 0.3% since February.
Some areas have seen a decrease in values over the past three months including Auckland - South which is down by 0.5% however values there are up 13.8% year on year and 36% since the previous peak of 2007 which is a national high. Manukau East is also down by 0.6% but similarly is up 13.7% year on year and 28.7% since 2007, and Auckland City - Islands values are down 0.3% since December but is up 9.6% year on year and 14.1% since 2007.
QV Valuer Bruce Wiggins said there's still good activity in the Auckland market, with land remaining the biggest driver at the moment, particularly if it is sub-divisible.
"We're also seeing high demand for pockets of new construction within existing residential areas and these home and land packages are achieving good prices which could be a result of LVR Restrictions being removed from new construction," he said.
"Examples include new residential developments at Papakura Heights, Karaka Lakes and Karaka Harbourside Estate all these new subdivisions are situated in areas not historically sought after."
QV National Spokesperson, Andrea Rush said the LVR speed limits and the Reserve Bank signalling further interest rate hikes is likely to be contributing to a levelling off in the growth of property values in Auckland.
"Home loan approvals nationwide are also down about 10% on the same time last year; overall sales volumes are similarly down and the amount of activity from first home buyers around the country is also well down on what it was prior to the LVR speed limits being applied in October," Rush said.