Flat periods were caused by uncertainty surrounding LVR limits (loan-to-value ratio restrictions), interest rate hikes and the election period, she said.
"After a slow start to the year following the introduction of the LVR, values picked up in February and March but then, following four interest rate hikes during March and July, value increases plateaued.
"The prospect of further interest rate rises in the lead-up to the election seemed to cause some uncertainty as to whether the market had peaked and this led to a slowdown in the market during the middle of the year.
"However, once the election was over and interest rates rises were put on hold, there was a surge of new listings and activity with the coming of spring and values began to tick upwards again in most of the main centres."
Earlier this week, Hawke's Bay Today reported a lack of houses for sale has pushed the median asking price for Bay properties up 20 per cent - the largest rise in the country.
Statistics released by Trade Me this week showed a 20.3 per cent increase in median asking prices for properties in 2014, compared with the previous year in Hawke's Bay.
