Property valuer Quotable Value (QV) says property values are increasing nationwide but at a much lower rate than that experienced before the global economic meltdown.
Figures from QV show house prices have risen 1.8% in the past three months, and 5.3% over the past year.
QV research director Jonno Ingerson says while values have been increasing for over a year, that needs to be put into context.
"We're not saying that property values are booming, by any stretch," he says.
"The rate of increase that we're seeing is about 5% a year ... much more gradual than it was back in the peak of the market".
Most of this growth was from a strong market in Auckland and post-earthquake Canterbury; the rest of New Zealand is growing at a little over 1.5%.
Mr Ingerson says first home buyers and investors are definitely more active now than they have been in the past few years, and this is being spurred by low mortgage rates.