Dunedin home values are rising, with the average in the city now over $330,000.

Home values were up 11.5% in the year ended August, and more than 3% in the past three months, the latest QV data released at noon today shows. 

The average value in the city was now $333,890.

Higher value properties in suburbs like Maori Hill and central Dunedin were performing well, driven along by demand from owner-occupiers rather than investors, QV Dunedin registered valuer Duncan Jack said.

''We continue to see good sale prices being achieved across the Dunedin housing market with demand remaining strong and solid confidence in the market.''

As expected, the QV average value for Auckland topped $1 million for the first time.

The Auckland market increased 15.9% in the year ended August and 6.1% in the past three months.

Values there were 85.5% higher than the previous peak of 2007, QV spokeswoman Andrea Rush said.

When adjusted for inflation, values in Auckland rose 15.4% in the past year and were 57.5% above the 2007 peak.

''We can confirm the QV House Price Index average value for the Auckland Region has now topped $1 million,'' she said. 

Source:ODT

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