• Queenstown properties have cracked the million dollar mark for average values, putting them on par with Auckland.

But the latest QV property values for November show that the heat is starting to come out of the flourishing Wellington property market and other markets ahead of Christmas.

Nationally, the average value of a New Zealand property is now $624,675, just over 50 per cent higher than the previous market peak in late 2007.

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Supplied. Properties in Queenstown are now worth $1,000,205.

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