A property analyst says Auckland may not even be halfway through its latest house price boom.
Quotable Value New Zealand released figures today that show property values in the region have increased by 13% in the last year, even when inflation is taken into account.
Nationwide, property values have risen by nearly 8%, spurred by massive increases in Auckland and also Christchurch, where values rose by 11%.
Quotable Value's research director, Jonno Ingerson, says that could continue for months.
Mr Ingerson says even a Reserve Bank warning about interest rate rises may not deter home buyers.
Property values in Auckland are now nearly 6% higher than the last market peak in 2007, before the housing bubble burst.
Quotable Value says high demand and short supply in Auckland and Christchurch are still driving the increase and it may take time for the Reserve Bank's new cap on low-value mortgages to have a noticeable effect.
