The housing market continued to perform well through the pre-lockdown period, with properties in all 16 major centres growing in value for the fourth consecutive month.
The QV House Price Index data rose 6.1 percent in the year to March, with the average house price rising to $728,276.
However, last month's data did not give an indication of what has happened since the national lockdown, which began on 25 March in response to the COVID-19 emergency.
The average value in the Auckland Region was $1,066,035, up 1.8 percent over the last quarter and up 2.5 percent year on year.
Values were also up 5.4 percent in Tauranga, 11 percent in Wellington, and 3.4 percent in Christchurch.
"The housing market was ticking along nicely leading up to lockdown, although in the final week we could see the impacts of uncertainty starting to have an effect," QV general manager David Nagel said.
"Purchasers were less bullish and less willing to commit as the market was heading into uncharted territory."
He said it was difficult to say what the future held for the market.
"What's most likely is we will see transaction volumes drop significantly from pre-lockdown levels," Nagel said.
"House listings will dry up with only those having to sell, for work or financial reasons, wanting to enter an uncertain market."