Hunter house prices rose more than 12 per cent in the past year, boosted by increases of more than 15 per cent in Lake Macquarie, Singleton and Maitland, figures show.

But the Hunter Valley Research Foundation (HVRF) warned that growth could stall due to levelling interest rates and poor affordability for first home buyers.

HVRF figures showed that in the year to March, house prices rose substantially for the first time since 2003, to a median of $355,000.

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