The latest monthly QV House Price Index shows Auckland property values are now 33 percent above their previous 2007 peak.
The Auckland market has increased 18.8% year on year, 5.7% over the past three months and 56.6% since 2007.
When adjusted for inflation values are 18.5% over the past year and are 33.7% above the 2007 peak.
The Super City Region is continuing to see a sharp upward trajectory in the QV House Price Index with home values up across all areas.
Hot on the heels of the average value in the old Auckland City Council region topping one million dollars last month; the average value in North Shore City has now also ticked over the milestone and is sitting at $1,007,836, with home values there are up 17.6% year on year and a huge 6.2% since May.
Waitakere City also saw values streak ahead up 21.6% since July last year and up a whopping 7.3% since May.
Auckland City values also rose a massive 20.1% since July last year and 4.6% over the past three months. Manukau City values also continue to show huge increases, up 19.6% year on year and 6.4% over the past three months.
Papakura continued a meteoric rise in values with huge demand for its relatively affordable homes pushing values up 22.2% year on year and 7.7% over the past three months alone.
Values in the nearby Franklin District are also starting to accelerate as people look further South for affordable homes, with values there rising 6.5% since May.
While values in the Rodney District to the north were also up 9.3% year on year and 3.9% over the past three months.
"QV homevalue Operations Manager Northern, Jan O'Donoghue said, "There's still not enough existing stock or new homes being built, to accommodate the demand for housing in Auckland."
"Investors and speculators continue to be very active across the Super City particularly in the suburbs that offer the most affordable housing such as Mt Roskill, Massey, Te Atatu and New Lynn and Papakura."
"There is high demand for home and income type properties and any sites with development or subdivision potential."
"High numbers of apartments have also been selling off the plan in central Auckland as demand for more affordable homes reaches a crescendo."
"The Council is looking at whether it should remove density restrictions on land and instead look at height limits and tighter design controls on developments."