PHOTO: ROSA WOODS/STUFF Wellington’s prices were up 6.4 per cent, year-on-year, and Christchurch’s 1.4 per cent.

A property market recovery in October could be the start of another price surge, Quotable Value (QV) says.

It has released its latest market data.

General manager David Nagel said listing numbers were low, but there were more buyers in the market because of cheap interest rates, so there was competition for available stock.

The average value nationally increased 2.8 per cent year-on-year to $697,204. That’s up from 2.4 per cent last month and 2.3 per cent the month before.