House prices in New Zealand increased at a slower rate in July, data from Quotable Value, or QV, showed Thursday.
The QV residential price movement index grew 7.6 percent year-over-year in July. This follows the 8 percent rise in June.
Current house prices are 15.6 percent above the previous market peak of late 2007.
House prices in Auckland increased the most, by 11.7 percent, and were 31.8 percent above the 2007 price levels.
Also, residential prices in Christchurch, Dunedin, Hamilton, Tauranga and Wellington increased year-over-year in July.
"We are starting to see a slowdown in the rate of value increases in many of the main centres following on from the slowdown in sales volumes over the past few months," said Andrea Rush, QV National Spokesperson. "This slowdown is most likely due to the LVR speed limits and interest rate rises as well as the annual winter seasonal downturn."
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