Opinions are divided amongst Wellington's MPs on the city's latest real estate figures.

Data published by Quotable Value shows house values rose 21 per cent in the last year with the average price now $553,000.

Green List MP Gareth Hughes said if you were a first home buyer in Wellington, you'd call it a crisis.

"Because going up 21 per cent... no one else's salary is jumping by that equivalent so it would feel like a crisis for them."

Finance spokesman, and Wellington Central MP, Grant Robertson said Wellington has an emerging problem -- people are being priced out of the market.

"When you see a 20 per cent price increase in one year, you know that the market is spiralling out of control."

But National List MP Paul Foster-Bell says there are still options in the market.

"There are still houses in that 3 or $400,000 mark particularly in the apartment market where a young person or a young couple can get their first foot on the housing ladder."

United Future leader, and Ohariu MP, Peter Dunne said the numbers aren't a surprise and is of a view there's an element of catch up in the city's housing prices.

But he doesn't see it as posing a problem for Wellington at this stage.

"I don't think as there's an acute shortage of housing in Wellington as there is in Auckland so I don't think it's a potential problem and I don't think that we've got, at this stage, the employment base to see a rush occurring at this point."

Auckland’s QV rate has gone up 15 per cent but Wellington Property Investors Association president Richard Bacon said only a few Aucklanders are coming to Wellington, so they’re not to blame for Wellington's rising house prices.

"But majority of Aucklanders tend to spread out into Tauranga and Hamilton because it's still close to home. Majority of property investors only own one other property anyway."
Mr Bacon said investors are an important part of the market, they're not speculators.

"It would nice if people would not keep labelling us the bad guy. If it wasn't for the private rental market then where would people go from home next."

Wellington's property market is so hot because there's hardly anything on the market, Mr Bacon said.

"It's a lack of property on the market, pure and simple. There's just no supply, hasn't been for months. At least 1000 listings down on what we are normally for this time of year."

Meanwhile in Christchurch the housing values are now higher than before the quakes.

The latest QV statistics show the city has increased 4.4 per cent year on year - now at 30.7 per cent, higher than the previous peak in 2007.

Registered valuer Damian Kennedy said the market remains stable - and expects a listings boost in Spring.

The average house in the city currently costs around $500,000.

However, Auckland is still above the $1 million mark - increasing $18,000 over the past three months, to just over $1,031,000.