National property values increased 1.3% in the three months ended April 30 to $431,967.

Values are 3.3% above the previous market peak in late 2007 and 6.5% higher than a year ago.

A rise of 3.2% in the three months ended February 28 to $428,692, gaining 6.3% over the past year.

Values are now 2.6 percent above the last peak in late 2007.

The lack of properties on the market was "one of the defining features of 2012".

A lack of houses in our two biggest cities has driven up property values nationwide and seen sale prices hit a new record.