House values rose by nearly 6% in 2012, with the strongest increases coming in Auckland and Christchurch.
Quotable Value says they were up 5.7% cent across New Zealand, including an 11% rise in central Auckland.
Values on the North Shore, Waitakere and Manakau were up by between 8% and 9%.
The value of homes in Christchurch rose 6.4% and were up 11% in Selwyn and Ashburton.
Excluding Canterbury and Auckland, values nationally rose 1.4%.
Quotable Value's research director Jonno Ingerson says a shortage of listings in Auckland and Canterbury drove up values last year.
Mr Ingerson says the shortage of houses to buy has created a vicious cycle, where those who would sell won't because they don't have a house to move into.
Nationally, house values finished the year 2% above the previous peak of late 2007.
In Auckland, values are nearly 15% higher than the 2007 peak.