New Zealand residential property values have accelerated at their fastest monthly pace in at least 10 months as demand for housing in Auckland drags the country's real estate prices higher.

National property values rose 8.3 per cent in the 12 months, accelerating from a 7.7 per cent pace in March, according to state-owned valuer Quotable Value. Auckland led the index higher, with property values rising an annual 14.6 per cent in April, speeding up from the 13.9 per cent pace…