House prices in the regions are driving up the growth in nationwide values as the Auckland market rises at its slowest annual rate in five years, property valuer QV says.
Queenstown topped the list as the most expensive place to buy a house in New Zealand, with an average price of $1,092,748, up 20 percent year on year.
Nationwide residential property values for July went up 6.4 percent over the past year, the slowest annual rate since February 2015.
QV says the increase over the past three months was 1.6 percent, taking the average value of a New Zealand home to $641,280.
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In the Auckland region, the rise was 5.3 percent year on year, the slowest annual rate since May 2012, with the average house now at $1,044,303.
QV national spokesperson Andrea Rush says the latest house price index shows nationwide values are still rising.
However, the growth is being driven by regional and provincial centres rather than the largest cities, she says.
Values continue to plateau in Auckland, Hamilton and Christchurch in a trend seen since last October, when the latest round of loan-to-value ratio restrictions were introduced.
Ms Rush says Wellington and Dunedin are having a similar experience, with quarterly value growth in both cities dipping to below 1.0 percent.
She says much of the slowdown in the markets is being caused by high prices and banks' stricter lending criteria.
"Record high net migration continues, yet building consents are now trending downwards so the underlying demand and lack of supply for homes remains in the market, particularly in Auckland," she said.
"It's likely that these trends will continue for the rest of the winter, and many buyers and sellers are now taking a wait-and-see approach until after winter and the election."
QV'S July house price index (Location, 12-month change, average value):
Whangarei, 17.2 percent, $494,212;
Auckland Region, 5.3 percent, $1,044,303;
Tauranga, 12.3 per cent, $691,350;
Hamilton, 5.4 percent, $540,840;
Rotorua, 17.8 percent, $399,024;
New Plymouth, 8.9 percent, $424,296;
Napier, 18.4 percent, $449,717;
Hastings, 20.0 percent, $423,750;
Palmerston North, 12.2 percent, $359,283;
Wellington Region, 15.8 percent, $607,011;
Nelson, 14.4 percent, $531,659;
Christchurch, 0.6 percent, $495,098;
Queenstown Lakes District, 20.0 percent, $1,092,748;
Dunedin, 12.6 percent, $373,857;
Invercargill, 8.7 percent, $242,829;
New Zealand, 6.4 percent, $641,280.