Ray White managing director ElanorMacDonald agreed with Ms Drinkrow as she said she felt exceptional buyer activity was slightly flattening off in some areas.
"It is definitely still going up just not at that rapid pace we have previously been experiencing. Though the last three months has been some of the strongest buying activity."
One of the main reasons for this constant rise in home values is due to the out-of-town buyers.
Ms Drinkrow said these buyers were relocating to the Bay because of the unaffordable housing in other parts of the country and the low interest rates.
Ms MacDonald was just one of the local real estate agents experiencing many out-of-town enquiries.
"I think more people are realising Hawke's Bay is a beautiful place to live."
Harcourts managing director Kaine Wilson also noticed a high level of out-of-town enquiries but adding many locals were still purchasing.
"There is a trend of people coming from places like Auckland but I think we have had a huge percentage of locals purchasing, especially in that high-end market."
He was seeing many more luxury sales, which he said he believed would influence that sharp rise in house value figures.
Ms MacDonald was also seeing variety and choice in the high-end market but fewer buyers.
"In saying that, we have made some good sales at that level," Ms MacDonald said.
Another reason for this sharp rise, according to Ms Drinkrow, was people's desire to invest in the Hawke's Bay market due to attractive yields.
Low interest rates would attract people to the Bay, she added.
Ms MacDonald said first home buyers in the $350,000 to $400,000 price bracket and those looking for investment properties in the $250,000 to $350,000 price range were very popular.
Auction and tender remained the most popular forms of sale and Mr Wilson couldn't believe the year his office had experienced.
"We had the largest activity of auctions ever and we still have a lot more booked two months ahead of time. I think this is a sign that this growth will only continue and I am sure it will help drive figures."
With regards to the release of the loan-to-value ratio restrictions, he said they don't seem to be holding back growth and have had limited affect on recent market conditions.
"The 20 per cent rise across the board I think highlights this," Mr Wilson said.
The nationwide residential property values for January rose 13.5 per cent over the same period last year.