Rotorua's average house value has risen 8.9 per cent over the past 12 months, and remains above the 2007 market peak.

The QV House Price Index for January, released at midday, shows the current average value of a house in Rotorua is $295,241 - 8.9 per cent higher than last January and up 2.5 per cent from three months ago.

Average values now sit 0.5 per cent above the 2007 market peak.

The latest monthly QV House Price Index shows nationwide values have risen 12.6 per cent over the past year and 0.7 per cent over the past three months.

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They are now 34.2 per cent above the previous market peak of late 2007. The average value nationwide is now $556,206.

When adjusted for inflation the nationwide annual increase drops slightly to 12.5 per cent and values are now 14.7 per cent above the 2007 peak.