NZ property values up 8.1% for year NEW Zealand property values have risen 8.1 per cent over the past year, as demand continued to outstrip supply in Auckland and Christchurch, according to state valuer Quotable Value. Values increased 3.1 per cent in the three months ended July 31, the agency said. "Values continue to rise, although still primarily driven by Auckland and Christchurch," said QV operations manager Kerry Stewart. Most of the rest of the main centres are also increasing but at a much slower rate. Of the major centres, Auckland values are up 12.8 per cent in July from a year earlier, while Christchurch values increased 10.8 per cent and Wellington values gained 2.8 per cent, the agency said. Lack of supply continues to heavily influence the market, but other factors may be playing a role in the continual increases, including the low interest rates still prevalent, an increasing population as well as incentives for both investors and first home buyers in the form of capital gains and Kiwisaver schemes. The latest house sales figures showed a bigger slowdown since May than could be attributed to winter alone, suggesting banks have pulled back on some lending. The latter is due to many main banks already tightening their lending policy in anticipation of policy changes from the Reserve Bank. House values are 7.5 per cent above the previous market peak of late 2007, QV said.