The amount of residential building work put in place has fallen by almost 40 per cent since the most recent peak.

New Zealand house values rose 1 per cent in the 12 months ended November 30, up from a 0.20 per cent gain in the period through October, says QV Valuations.

Figures released today show nationwide values are up 4.1 per cent from April but still 5.9 per cent below the market peak of late 2007.

One of Auckland's most breathtaking addresses is on the market for a cool $4.6 million.

Two years on from the heady days of 2007, Devonport has weathered the property bust better than anywhere else in Auckland.

Auckland property has now recovered all the losses experienced over the past two years, says real estate company Barfoot & Thompson.

Australia's central bank has raised its benchmark interest rate by a quarter percentage point for an unprecedented third straight month.

Auckland is driving the rise in house selling price expectations, while the rest of the country lags behind.

Building consents were up 11 per cent in October.

Land under Auckland's 258-unit Beaumont Quarter apartment complex is about to be sold for about $47 million.