House prices hit a new high in November, climbing 1.5% above the previous peak in 2007.
QV's latest monthly index shows property values rose nearly 2% in the last three months, and almost 6% over the past year.
The increase was driven by demand outstripping supply in Auckland and Canterbury though QV says there are signs of a slowdown, even in parts of Auckland.
The market remains subdued outside Auckland and Canterbury, with buyers cautious and few quality properties for sale.
On Tuesday, the Real Estate Institute said property sales had risen by a quarter in November while the national median house price hit a new record of $383,250.