Key Points:

The rapid rise of the country's house values has eased as the latest round of LVR restrictions takes effect, QV's latest House Price Index indicates. The figures, released today, show nationwide residential property values for October have increased by 12.7 per cent over the past year - the slowest rate since May. Over the past three months values rose by 3.3 per cent and are now 50.2 per cent what they were during the previous market peak of of late 2007. That means the average value of a house in New Zealand is now $622,309. Home values continue to rise faster in Wellington than in Auckland, with the capital apparently largely unaffected by the LVR restrictions, introduced in late July. "The QV House Price Index is now showing a slight tick to the right which reflects an easing of 1.6 per cent in the annual rate of growth over the past month as the latest round of LVR restrictions begin to take effect," said QV national spokeswoman Andrea Rush. "Sales volumes are down by around 12.0 per cent on the same period last year and mortgage approval rates are also down." Home values in Auckland, Tauranga and Hamilton continue to rise but at a slightly slower pace than prior to the LVR measures. "The Dunedin market also continues to see good levels of activity and demand, while investors are less active in the Christchurch market and home values there continue to show only moderate value growth," Rush said. "The new build market remains strong across the country as the new LVR restrictions for investors do not apply for new homes." Auckland The Auckland market has increased 13.8 per cent year on year which is the slowest rate since March 2015. Home values rose by 5.3 per cent over the past three months and are now 91.3 per cent higher than the previous peak of 2007. The average value for a house in the region is now $1,045,207 and $1,209,199 in city suburbs. Hamilton Values across the city rose 25.0 per cent year on year and 4.7 per cent over the past three months. The average house value in the city is now $537,388. Tauranga Values in Tauranga city are up by 27.0 per cent year on year and 5.9 per cent over the past three months. The average value in the city is now $651,725. Western Bay of Plenty home values rose a huge 33.0 per cent over the past year and 10.5 per cent over the past three months alone, taking the average value to $596,782. Wellington Values rose 21.1 per cent year on year and 6.6 per cent over the past three months and values are now 22.6 per cent higher than during the 2007 peak. The average house value across the wider region is now $558,886. Christchurch Home values in the city increased 4.7 per cent year on year and 1.3 per cent over the past three months, They are now 31.4 per cent higher than they were in 2007 with the average value in the city now $498,425. Values in the Christchurch Hills suburbs rose the most over the past year, up 7.1 per cent since October 2015. Dunedin Home values have risen 13.0 per cent year on year and 2.9 per cent over the past three months. The average value in the city is now $341,566. Southern suburbs saw values rise the most over the past year, up 14.3 per cent since October 2015. Hawkes Bay Napier home values continued to see strong growth rising 18.1 per cent year on year and 4.3 per cent over the past three months. The average value in the city is now $396,000. Hastings values rose 16.3 per cent year on year and 3.6 per cent over the past three months. The average value is now $366,083. Nelson Home values in the city have increased by 13.8 per cent year on year and 4.1 per cent over the past three months. The average value in the city is now $484,019.