The average house price in south Belfast is now £219,187, according to the latest report.
South Belfast continues to be the highest priced location within the city.
The overall average price in Belfast is up by 18% over the year, the strongest performance in the Belfast market since 2007.
The average price of terraced/townhouses is £169,577, semi-detached houses £197,770, detached houses £397,272 and apartments £155,865.
Prof Alastair Adair, Prof Stanley McGreal and David McIlhatton, University of Ulster Quarterly House Price Index authors said: “The findings suggest that recovery is patchy and varies across different property types and areas of Northern Ireland.