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Average house prices in the Queenstown Lake District have matched Auckland by topping $1m in November.
Source: 1 NEWS
Prices in the holiday town rose 32.2 per cent higher than the previous year according new figures from Quotable Value.
In the Auckland market, prices increases are running at 12.8 per cent year-on-year - the slowest rate since January 2015.
In the past three months, values in the city rose by 3.7 per cent. The average value in the Auckland region is now $1,051,137.
House price growth across the country has also started to ease, QV says.
Values for November increased 12.4 per cent over the past year, which is the slowest rate since May. In the last two months values rose by 2 per cent.
QV says the latest round of LVR lending restrictions have led to a weaker than normal spring, as a reduction in demand for investor housing stock has resulted in more subdued value growth.
It says while values continue to rise in most parts of the country, the trend of slowing rate of growth continues for Auckland, Hamilton and Christchurch.
The Wellington market which had previously been very buoyant has now also started to see some of the heat coming out of the market as the new LVRs take effect.