UPDATED: 4.14pm The latest housing figures are raising the one million dollar question about measures imposed to curb investor activity.

QV's May figures show despite a slight downturn in parts of Auckland between October and February, prices are on the up again.

Auckland's average value is now more than $950,000 having increased by 15.4 percent over the last year.

QV national spokesperson Andrea Rush said it's investor demand that's driving the rapid growth.

"If values continue to rise at the same rate during 2016 then by this time next year the average value will top $1 million, and that's across the city not just the central city suburbs."

Ms Rush said despite a slight downturn in some areas of Auckland between October and February, measures aimed at curbing investor activity don't appear to be working.

"Waitakere and Manukau City are seeing the greatest value rises over the past three months. Both are up five per cent in that period and there's been particulary strong demand from investors."

Building and Housing Minister Nick Smith doesn't accept blame for Auckland's house price inflation, saying housing affordability problems are related to policy which dates back more than two decades.

He said section prices are at the core of Auckland's problem.

"The average section price in Auckland is $450,00, up from $100,00 in 1990. Actually the price of the built house in Auckland has actually not changed much beyond the level of inflation.

"I'm not going to speculate on what house prices may do in the future. It's a market, ministers don't control it."

However Dr Smith accepts double digit house price increases don't meet the Government's long terms plans.

During question time, Dr Smith pointed to recent building figures. That led to a retort from New Zealand First leader Winston Peters.

"In the whole history of humanity, in this country or the whole wide world, has he ever seen someone living in a consent," Mr Peters said to laughter.

Nationwide values have increased by more than 12 per cent in the past year, to nearly $578,000, nearly 40 per cent higher than in the previous peak of 2007.

Labour's housing spokesperson Phil Twyford said it's bad news.

"Home ownership rates are going to continue to plummet and a generation of young Kiwi families will be locked out of home ownership."

Prime Minister John Key said there would always be a range of prices.

“If you go on Trade Me this afternoon and google property $500,000 or less in Auckland, you will find there are quite a few.“We are doing our best to get on top of the rise of average house prices, and house prices generally.

“I don’t think any one particular thing - from a national policy statement to a bright line test of itself will be the silver bullet, but I think, overall, the combination of them will.”

ASB senior economist Nick Tuffley said while tax-related measures and lending restrictions imposed last year saw a modest downturn in Auckland at the start of the year, the effects have been short-lived.

He said there's every chance the Reserve Bank will introduce further lending restrictions down the track.

"So that will be one thing to watch. That will be something to curb the demand and slow the price growth a little bit, but the solution will still rely on making that supply side cheaper and more responsive."