The pace of house price growth is slowing at the top and bottom end of the market.
Quotable Value's rolling three-month average to the end of May shows price growth for 25 percent of the cheapest and most expensive houses in major centres slowed to 1.7 percent from 3.5 and 3.4 percent respectively in April.
The state-owned valuer said it was the first time price growth at the top and bottom of the market slowed this year, but it remained to be seen whether this was the start of a long-term trend or a blip that would bounce back in coming weeks and months.
QV general manager David Nagel said "property owners continue to make significant capital gains up and down the country right now, so any talk of the property market cooling may be a tad premature".
Of the 16 major centres, it said the hot property markets of Marlborough, Wellington City, Hastings and Napier saw the biggest dips.