Property values for January are showing a widely-anticipated for cooling in the Auckland market, but many of the regions are still showing big hikes.
QV's valuations show that values fell by 0.3 per cent across New Zealand in January - driven largely by a 0.5 per cent fall in Auckland.
Leading the charge was Wellington, where values are increasing at a pace not seen since the previous property peak of 2007.
"There's a shortage of properties listed for sale in the capital with listing levels only half what they were this time last year," said QV national spokesperson Andrea Rush.
QV's Rush said there was good activity and optimism in both the Christchurch and Dunedin housing markets which continued to see moderate value growth but at a slower rate than in Wellington.
QVhomevalue Christchurch, Registered Valuer Darryl Taggart said, "The housing market
seems to have picked up and there appears to be more confidence in the market now than there was at the end of 2015."
"In terms of values, they have not risen significantly over the past 12 to 18 months however there have been some solid prices achieved particularly at the high end of the market recently so values are holding."
Home values in Dunedin are continuing to show steady increases up by 2.8% over the past three months and 6.1% year on year. Values are now 8.6% above the previous peak of 2007. The average value in the city is now $310,887. Dunedin Central and North values were up the most, rising 8% year on year.
QVhomevalue Dunedin Registered Valuer, Duncan Jack said, "In comparison to the last few years, the housing market is buoyant and there is a very positive feel around the city."
"There are lots of buyers around but listings are a bit light with agents on the lookout for new stock."