Increases in residential property prices in Christchurch and Auckland have pushed the nationwide value of houses close to the market peak of five years ago.
Quotable Value says values rose 4.6% for the year to July and are now 0.8% below the peak experienced in late 2007.
QV says the rise was driven by stronger activity in Auckland and Christchurch.
The data shows values could be levelling in Tauranga and Dunedin, while prices in Wellington remain flat.
