The latest monthly QV Residential Price Movement Index shows that the Auckland market has increased 12.3% year on year and values are up 31.4% since 2007 but some property hotspots are starting to cool.
When adjusted for inflation values are up 10.6% over the past year and are 12.8% above the 2007 peak.The Auckland region as a whole has increased 2.7% over the past three months and 12.3% year on year.
Manukau East is up the most with values increasing 4.3% over the past three months. Followed by the North Shore - North Harbour where values have risen 4.2%. While in Waitakere City values rose 2.3% over the same period.
QV Valuer Bruce Wiggins said, "We are seeing a gradual reduction in the rate of growth in property values in some areas and more sellers opting to put on an asking price or sell by negotiation.
"However, sale by auction remains popular in high value areas or where there are special characteristics."