That puts them in negative territory across the past three months.
Nationwide residential property values for July increased 6.4 per cent over the past year which is the slowest annual rate since February 2015. Values rose by 1.6 per cent over the past three months and the nationwide average value is now $641,280 which is 54.8 per cent above the previous market peak of late 2007.
Across Auckland values are rising in some parts and dropping in others. Waiheke Island saw the strongest rise with values up 4.1 per cent over the past three months and values also rose slightly in Auckland City suburbs up 0.9 per cent; and on the North Shore up 0.6 per cent; while values decreased the most in Papakura where they dropped 2.6 per cent; they were also down 1.6 per cent in Franklin; 0.7 per cent in Rodney, 0.9 per cent in Waitakere and 0.5 per cent in Manukau over the past quarter.
QV Auckland valuer James Steele said, "The Auckland residential property market is still cooling, with sales volumes down more than 30 per cent below the same period last year while there are twice as many properties listed on the market as there were this time last year.
"This is meaning properties are generally taking longer to sell and auction clearance rates also remain low, but auction rooms are still well attended so it appears people remain very interested in what the market is doing."
QV national spokeswoman Andrea Rush said that although the figures showed nationwide values rising, growth was now being driven by regional and provincial centres rather than the largest cities.
"Values continue to plateau in Auckland, Hamilton and Christchurch in a trend seen since October last year when the latest round of LVR restrictions were introduced."
Hamilton City home values rose 0.4 per cent over the past three months and 5.4 per cent year on year.
Wellington, Dunedin and Tauranga were experiencing a similar trend. Quarterly value growth in Wellington and Dunedin has slowed to below 1 per cent.
In Tauranga it has slowed to 1.9 per cent.
Christchurch remains well and truly stalled. Christchurch City values continue to plateau. They rose just 0.6 per cent year on year and decreased slightly by 0.2 per cent over the past three months.
Much of the slowdown in the markets was being caused by high prices and banks' stricter lending criteria, Rush said, "meaning it's difficult for many buyers to raise finance to purchase and this is now constraining the market".
However with record high net migration continuing and building consents now trending downwards the underlying demand and lack of supply for homes remains in the market, particularly in Auckland, she noted.
"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 per cent, $494,212;
Auckland Region, 5.3 per cent, $1,044,303;
Tauranga, 12.3 per cent, $691,350;
Hamilton, 5.4 per cent, $540,840;
Rotorua, 17.8 per cent, $399,024;
New Plymouth, 8.9 per cent, $424,296;
Napier, 18.4 per cent, $449,717;
Hastings, 20.0 per cent, $423,750;
Palmerston North, 12.2 per cent, $359,283;
Wellington Region, 15.8 per cent, $607,011;
Nelson, 14.4 per cent, $531,659;
Christchurch, 0.6 per cent, $495,098;
Queenstown Lakes District, 20.0 per cent, $1,092,748;
Dunedin, 12.6 per cent, $373,857;
Invercargill, 8.7 per cent, $242,829;
New Zealand, 6.4 per cent, $641,280.
