Property values nationwide are now higher than they were this time last year, says Quotable Value.
The property valuer's monthly index shows property values were 0.2% higher in October than they were in the same month last year.
That's an improvement on September, when property values were down 1.1% on the previous year.
QV's valuation manager Glenda Whitehead says nationwide values have climbed 3.4% from their low in April, but remain 6.6% below what they were when the market peaked in late 2007.
"The continued shortage of properties, especially in the main urban areas, is leading to a continued imbalance in the market with more buyers than available properties," she says.
Ms Whitehead says that as a result many properties are selling for well above their expected values.
She says values have risen in most main centres compared to a year ago, but not in many provincial areas.
The regions lagging behind the most are Queenstown Lakes where values were 9.4% below this time last year, and in Gisborne where they are down 7.9%.
Values increased by up to 4.6% in New Plymouth, Palmerston North and Nelson.
The average sale price across New Zealand increased slightly to $389,198 in October, from $387,567 in September.
