"This potentially gives a greater choice for buyers, however many remain cautious in their decision making and are not rushing to purchase. First home buyers are remaining active and are driving the lower to middle range of the market."
In Auckland the biggest value rise stems from the old Auckland City which is up 4.7 per cent annually, and 2.5 per cent above the previous market peak.
QV's Glenda Whitehead said first home buyers were a "sizable proportion" of those active in the Auckland market.
"This is driving demand and value levels in the lower to middle value end of the market," Whitehead said.
"Late spring listings have added more option for buyers but this means they need more time to look at the wider range available to them. This trend is evident on the North Shore, where the first home buyers market was buoyant before the election and has since slowed."
In the south east Whitehead said most entry level priced proprieties had been bought by first home buyers rather than investors.
"In the past couple of weeks, there has also been a noticeable increase in listings which may help the supply and demand levels to balance out, and prices level off."
Meanwhile, demand remained strong for well presented properties in good locations. Furthermore, investors were starting to come back to the market, albeit with very "definite" demands.
"Some are looking to buy, upgrade and on-sell at a healthy profit (the traders), often taking advantage of continued levels of mortgagee sales.
Others require a definite positive cash flow return. The latter is often achieved by creating additional revenue from properties such as converting existing garages to sleep-outs or a further self-contained unit" Whitehead said.
"In the West, there has been a noticeable increase in activity in recent weeks. Properties in the $280,000 to $420,000 range are now in demand. There also appears to be an increase in the level of subdivisions activity, with developers seeking titles to individual sites to either sell now or build upon prior to selling."
The average sales price for the Auckland region in November was $513,792, she said.
Values in Hamilton are 0.3 per cent below last year.
In Tauranga they're 0.4 per cent above last year. QV says, however, in both cities there is little sign of real strength in the property market, with both 11 per cent below the market peak.
Meanwhile, values in Wellington are only 0.4 per cent below the same time last year but 6.9 per cent below the previous market peak.
Christchurch values continue to rise, driven by demand for non-earthquake damaged houses, especially in the northern and western suburbs. Values are 3.6 per cent above last year and just 1.7 per cent below the 2007 market peak.
Surrounding areas have also continued to rise in value with Waimakariri District up 6.9 per cent and Selwyn up 5.3 per cent over the year, with both areas now "well above" the previous market peak.
In Dunedin values are up 2.4 per cent over the past three months, but still 0.2 per cent below the same time last year and 6.1 per cent below the previous peak.
"There looks to be a late spring surge in market activity which is likely to continue up until Christmas, then pick up again in earnest in February," said Ingerson.
"The strength of this activity will depend to some extent on how economic events pan out in Europe".
In the provincial centres he said Whangarei, Gisborne and Nelson have increased in value the most over the past three months.
"With the exception of Wanganui which is 6.3 per cent below last year, most other towns are either close to or only slightly below last year's value. The exception is Nelson where values are 3.2 per cent above last year."
- INTEREST.CO.NZ
