They were 1.7 per cent higher than last November and were now 1.9 per cent higher than they were in 2007. Hawke's Bay properties, from the lower end of the bracket to higher end ones which had been sitting on the market for months, were now being snapped up.
Tremain Real Estate managing director Simon Tremain said the real price jumps were still to come.
"We've had a huge increase in the volume of sales which is just washing out existing stock.
"This shortage of properties to sell, with this volume, is going to put more pressure on price."
The November average residential house value was $338,960 in the Napier district, and $317,612 in the Hastings district.
Property Brokers regional manager Paul Whitaker said the increase was being felt in some "hot bed" areas, which were currently outperforming the levels of the previous peak.
These included Taradale, Greenmeadows, Ahuriri, and Havelock North.
Other areas like Napier Hill and Camberley were still performing under 2007 levels, but "buyer confidence across all spectrums remained high".
By nearing the 2007 peak, the Hawke's Bay property market could become volatile as homeowner equity increased.
"Once the whole market has equity, it allows people to move freely as they wish ... We're now in a position where everyone who has bought since 2002 has equity".
Leaders managing director Elanor MacDonald said they had "certainly seen growth compared with last year".
Buyers ranged from investors looking for lower end properties, out of towners after properties at the higher end, and Hawke's Bay residents looking to trade sideways and down.
This time last year, first home buyers were "pretty thin on the ground", but now properties in the $280,000 to $340,000 range were very popular with first home buyers.
Ms MacDonald said the Hastings increase could be a reflection of first home buyers, and those utilising KiwiSaver, and that the area had come off a lower base.
Harcourts managing director Kaine Wilson said everything was moving rapidly.
Nationwide, residential property values increased 15 per cent over the past year to November - the fastest rate since February 2006.
During the past three months, values rose 4 per cent and were now 34.1 per cent above the previous market peak of late 2007.
