Also from the QV, supporting your take.
http://www.qv.co.nz/propertyinformat...et07082009.htm
Basically says that properties in the lower end of the market not selling and most sales in the mid/upper which is dragging up both medians and averages.
This supports your supposition FP. Interesting that most people are interpreting higher prices as a bad thing, yet evidence is pretty clear that a return to increasing house prices and higher debt levels on unproductive assets are definitely bad for an economy.
Any renewal of the property boom is likely to result in another recession before we have a chance to recover from this one.