Quotable Value says property values have continued to rise.
Its index of house prices rose 8.5% in August compared with a year ago, driven by demand in Auckland and Christchurch.
Values are now 8.3% above the previous market peak in late 2007.
Auckland rose 13%, and Christchurch 11%, while price growth in the other main centres is increasing at a much slower rate.
QV says values have flattened or declined in many provincial areas in the past couple of months.
On the Reserve Bank's restrictions on low deposit loans, it says while it may dampen prices a little, it still expects house values to increase for some time yet.