House values are continuing to rise in Rotorua - with figures just released showing values are now 20.2 per cent higher that the same time last year.

According to the QV House Price Index for June, which was released at midday today, the average current value for a house in Rotorua is now $327,596.

That is 7.2 per cent higher than three months ago with values now sitting 11.6 per cent above the 2007 market peak.Nationwide, residential property values for June have increased 13.5 per cent over the past year.

QV National spokesperson Andrea Rush said nationwide values were now rising at the fastest rate since 2004, up 5.6 per cent over the past three months alone and the nationwide average value was now nearing $600,000.

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"Many housings markets around the country are continuing to be driven by strong investor demand, low interest rates, rapid price growth in the Auckland market and strong net migration."