Government and Reserve Bank efforts to slow house price growth are yet to have an impact.
The latest QV House Price Index data shows the market hit a new high in April, with the average national value up 8.9 per cent over the previous three-month period.
The national average value was $913,209, representing a year-on-year increase of 21.4 per cent, compared with last month's 18.2 per cent rise.
"We're hearing a range of anecdotal evidence of investors disappearing from auction rooms and even a decrease in first-home buyer presence," QV general manager David Nagel said.