Property valuation firm QV says that the pace of house price growth is the slowest since March 2015.

New Zealand’s home values increased 8.1% in the year to June with a 1.2% gain in the past three months. The national average price rose to $639,051 which is more than 54% above the previous peak of 2007. Adjusted for inflation the increase is 5.9% and almost 29% above the 2007 peak.

Residential property in Aukland gained a slower pace than the national average at 7.2%, the slowest pace since September 2012. Auckland has had no growth in the past three months. The flatness of appreciation in the last quarter still means the average price in Auckland of $1,045,059 is 91.2% higher than the 2007 peak. Adjusted for inflation the growth in the city is 4.9% and prices are 59.6% above the 2007 peak.

QV Auckland homevalue Manager, James Steele said “There has been a drop in the level of activity in the Auckland market and sales volumes are down by 30% on the same time last year and we are now seeing an easing back on sale prices at most levels”.

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