Half of the inflow are heading to Auckland, where an under-supply of housing has pushed prices to record levels.
Meanwhile, the official cash rate remains on hold, as the Reserve Bank looks to cool Auckland's bubbling housing market using other macro prudential tools.
"The usual winter downturn does not seem to have dampened demand as high net migration, relatively low interest rates and a constrained housing supply continue to fuel demand in the Auckland market," QV national spokeswoman Andrea Rush said.
"This demand is also now spreading to provincial centres nearer to Auckland with values up in Tauranga, Hamilton, Cambridge, Pokeno and towns in the Hauraki District."
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Property values in Hamilton and Tauranga both increased 4.1 percent year-on-year, as demand for Auckland spilled over, QV said.
Wellington property values overall increased 2.6 percent year-on-year, but central, east and south Wellington recorded a decline, offset by gains in Lower and Upper Hutt and Porirua. Christchurch values increased 3.8 percent in the year.