Its average property value has climbed $84,000 in the past three months and $199,000 in a year.
It is one of only two suburbs in Rotorua with an average property value of above $1 million during a region-wide property slowdown.
And it is Rotorua's most expensive suburb.
Hamurana, surrounded by natural springs on the northern side of Lake Rotorua, is the top performer in the latest OneRoof House Price Report.
The latest report, which includes the latest suburb valuations, showed Hamurana recorded the strongest value growth in the last three months to July.
The suburb's average property value jumped 6.5 per cent - or $84,000 - in the last quarter to $1.38 million.
Fairy Springs climbed 6.2 per cent - or $38,000 - to $648,000, while Rotorua's cheapest suburb Fordlands rose 5.8 per cent - or $23,000 - to $423,000.
Head of valuations at OneRoof data partner Valocity, James Wilson, said strong first-home buyer demand in Rotorua in the past three months continued to fuel price growth.
"The relatively low prices in the city continued to attract first-home buyers.
"The city has had less new build activity compared to other cities, the lack of additional supply had helped keep prices growing."
Harcourts Rotorua director Wayne Pamment said Hamurana was "desirable" and a strong-performing agricultural sector meant good demand for lifestyle areas compared to town suburbs.
"People want that slice of paradise."
Pamment said it was surprising Rotorua only had five suburbs that recorded a drop in value growth.
"Anecdotally, we have seen a drop in the market."
The last three months started with a "standoff" between buyers and vendors with clear memories of what the house down the road sold for, he said.
"They were still trying to grasp the market before it started to change. Then when it did, buyers naturally sat on their hands and did nothing."
The number of properties selling dropped "dramatically" in April but there had since been more buyer activity in the market and reasonably-priced properties were getting good interest.
"Buyers are re-entering the market."
Property Brokers Rotorua sales consultant Angela Parker said Hamurana had always been popular and an easy drive from Tauranga, Hamilton and Auckland.
Parker said Covid-19 had been beneficial for the lifestyle property market for many reasons, including being able to work from home from anywhere.
Lifestyle property in Rotorua was more affordable than in Tauranga, Auckland, and Hamilton.
"So where I have been seeing a move to trade down, our Rotorua lifestyle blocks are assisting out-of-town buyers with this."
Parker said a "slow down" in some residential areas had not yet filtered through to lifestyle property demand and Hamurana was "mitigated by the Covid effect".
However, Rotorua's late autumn surge seemed to be tapering off.
The city's average property value fell just 2.5 per cent - or $19,000 - to $792,000.
Springfield had the biggest drop of 3.4 per cent - or $29,000 - to $834,000.
Regionwide, Bay of Plenty's average property value was $1,071,000, down 0.7 per cent - or $8000 - in the last three months.
House prices were still 2.72 per cent above where they were at the start of the year and 14.3 per cent - or $134,000 - above June 2021 levels.
Whakatāne was the only other territorial authority to register growth over the quarter, with its average property value up 2.2 per cent to $819,000.
Managing director of the Realty Group Ltd, which operates Eves and Bayleys, Heath Young said the price drop was not surprising for Tauranga and Rotorua markets.
"Over the last three months, there have been a large number of factors that have impacted on the property market all at once in a real sharp noticeable change in market conditions."
The reasons were namely interest rate rises, inflationary pressures and to a lesser extent the direct impact of Covid illnesses resulting in fewer deals being made and property taking longer to sell, he said.
"We are, however, still seeing well-presented, well-marketed property perform well and are starting to see more and more activity in our auction rooms."
Ray White Rotorua owner and principal Jacqueline O'Sullivan said it was still "very slow out there" in terms of people attending open homes, especially in the lower price range.
"It feels like the investors and first-home buyers are coming back but not in the numbers we had them over the last two years."
O'Sullivan said there was still good interest and activity in the higher price range but there was also more subject to sale contracts.
"I believe we will see this year an adjustment to the prices, not big price drops but more a levelling out of values.
"For those who have been in the industry for a while, this is not new. We have been through the Global Financial Crisis and weathered the storm.
"... 2020 and 2021 should not be compared to anything really as those conditions were never experienced before."
Winners and losers: OneRoof House Price Report
Most expensive suburb:
Hamurana, up 6.5 per cent over the quarter to $1.383m
Fordlands, up 5.8 per cent over the quarter to $423,000
Strongest growth suburb:
Hamurana, up 6.5 per cent to $1.383m
Suburb with the biggest quarterly gains ($):
Hamurana, up $84,000 to $1.383m
Suburb with the biggest quarterly declines:
Springfield, down $29,000 to $834,000