Property values in Rotorua have continued to skyrocket, with latest figures showing values have jumped 27.1 per cent in the last 12 months.

The QV residential property value index for August, released today at midday, showed the big increase.

The average current value of a residential property in Rotorua is now $347,966 which is 9.3 per cent higher than three months ago.

Property values now sit 18.5 per cent about the 2007 market peak.

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Nationwide residential property values for August have increased 14.6 per cent over the past year. Values rose by 6 per cent over the past three months and are now 47.8 per cent above the previous market peak of late 2007.