Tighter restrictions in Auckland's property market have prompted investors to seek bargains in other parts of the country - and that's leading to price rises in places that have seen little growth in many years.
In Dunedin, the housing market has picked up, with stronger demand in the central and northern parts of the city, where many students reside.
QV figures show prices rose 2.4 percent over the past three months to November, up from 1.1 percent in the October quarter.
The general manager of Edinburgh Real Estate, Mark Miller, said the industry was noticing more Auckland investors in town.
"I wouldn't say we've got planes full of Aucklanders coming down, but we've definitely noticed in speaking with the agents [that] all have noticed a slightly uplift in the number of people coming down and looking to invest in Dunedin."
A registered valuer with QV in Wellington, Kerry Buckeridge, said investor interest in the capital has rekindled what has been a flat market for quite some time.
"We're not seeing huge growth, but we're starting to see the beginnings of some price growth in Wellington now. And a lot more situations where people are competing for a property."
QV said investors had also sparked sales in previously quiet towns and regions, including Rotorua, Taupo, the Far North and Invercargill.
Both Mr Miller and Mr Buckeridge pointed out that low mortgage rates, the easing of lending restrictions outside of the Auckland region and a lack of houses for sale were also providing a boost to prices.
They expected prices to continue rising next year.