The latest QV House Price Index has revealed the average house price in the Queenstown District has now reached the $1 million mark.
The figures show the Queenstown Lakes area has seen a staggering 32.2 percent rise in residential property values over the past 12 months.
In comparison, the Auckland market only increased 12.8 percent - its slowest rate since January 2015.
The Queenstown District now joins Auckland as the only areas in New Zealand to have an average house price of $1 million.
Nationwide, the average house price sits at $624,675. Values for November increased 12.4 percent over the past year, down from May 2016.
While growth is slowing, values remain at 50.8 percent above the last market peak in late 2007.
QV national spokesperson Andrea Rush says the weaker-than-normal rise is a result of the latest round of loan-to-value ratio restrictions reducing demand for investment properties.
"While values continue to rise in most parts of New Zealand, the trend of a slowing rate of growth continues for Auckland, Hamilton, and Christchurch," says Ms Rush.
Wellington's housing market has also been cooling down, though values still rose 20.6 percent over the past three months.
The cheapest place to buy a home in New Zealand is in the Kawerau District, with an average price of $158,602.