The rising trend in the property continues with every passing day as the property value surged 4.1 per cent from April according to the figures released by Quotable Value. However, this level is still below the 5.9 per cent level recorded in 2006 when the property market was on its peak.

Average sale price in November stood at $393,373 against its level of $389,198 in October and the property rates in main urban areas recorded an increase of 4.7 per cent. Wellington, Christchurch and Dunedin recorded rise in property values. However, there are also indications of more listing of properties that could ease prices in coming months.

Average sale price in Auckland City rose marginally while Manukau East recorded a downfall to 6.6 per cent, still the highest level in the region. Property value surged 3.1 per cent in Auckland to attain the level of $519,051.

QV spokeswoman Glenda Whitehead said that this is the buyer’s competition in some regions that picked prices against the traditions of stable prices in spring.

She added, "This is driven by the shortage of listings as prospective vendors decided to stay put rather than sell. This situation differs in the regions where listings are more abundant, but actual turnover is slower."