By RNZ
Average house values in the Wellington region have topped $1 million, but the latest CoreLogic House Price Index shows some slowdown in the growth of those values.
Nationally, values increased 2.2 per cent in May, a slight reduction on April's 3.1 per cent growth rate.
CoreLogic head of research Nick Goodall said that reflected the impact of both the Reserve Bank's tightening of loan-to-value ratios and the Government's changes to the interest deductibility rules for residential investment properties.
"While these changes have caused some investors to sit back and take stock of their portfolio, it appears this pull-back in demand has been mostly made up for by other investors, likely with less debt, and owner-occupiers who had previously missed out while competing in a very heated market," he said.