The Queenstown housing market's seen little growth in value over the past year, while it's soared nearby in Dunedin

OneRoof's latest house price figures show Dunedin had the biggest growth in the 12 months to April - with median values rising nearly 25 per cent to 517-thousand-dollars.

However, nearby Queenstown had one of the smallest growths - only 0.49 per cent in the same period.

Property editor Owen Vaughan says it's a concern for Queenstown because it's traditionally the country's most expensive market.

He says it won't help that it's also where Covid-19 has caused some of the biggest economic hits.