New Zealand property values have risen at their fastest pace in more than a year, as a shortage of homes in Auckland prompted house-hunters to cast their net wider to surrounding areas.

National property values accelerated 9.3 per cent in the 12 months through June to an average $520,585, matching the pace in February last year. Values in the Auckland region surged 17 per cent to $840,165, the fastest pace since 2004, according to state-owned agency Quotable Value. House values in Auckland…