Masterton's average house value was at $243,862, up 3 per cent in the past 12 months and up 2.7 per cent over the past three months, according to the latest QV House Price Index.

Attracting the Auckland and Wellington markets to the Wairarapa region is hugely important, says Harcourts managing director and auctioneer Prue Hamill.

"These are significant markets for us because they are always on the move and are usually first-time buyers especially people from Wellington, Ms Hamill said.

"Our area has so much to offer in schooling, housing, vineyards and coastal attractions."


The average house value in South Wairarapa is $320,459 -- a 7.2 per cent increase since January 2015 and a 5.2 per cent increase over the past three months. Carterton's average house value sits at $320,459, a 2.2 per cent rise over the past year and 3.9 per cent increase in the last three months.

The QV House Price Index for the Wellington region shows a steepening upward trend as values in the capital have risen 4.6 per cent over the past three months and 5.9 per cent year-on-year.

The average value across the wider region there is now $482,716.

Home values in Wellington City area increased by 4.8 per cent over the past three months, 6.6 per cent year on year and they are now 8.9 per cent higher than the previous peak of 2007.

The average value there is now $579,857.

Nationwide, the average house value is now $556,206.

When adjusted for inflation, the nationwide annual figure drops slightly to 12.5 per cent and values are now 14.7 per cent above the 2007 peak.