The average house value in Rotorua dipped slightly last month to $393,753, according to the QV House Price Index released today.

That compared to an average value of $394,408 in May - a drop of just $655.

However average values in the city are still 20.2 per cent higher than they were a year ago and 34.1 per cent above the previous market peak of late 2007.

Nationwide residential property values for June increased 8.1 per cent over the past year which is the slowest annual rate since March 2015.

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Values rose by 1.2 per cent over the past three months and the nationwide average value is now $639,051 which is 54.2 per cent above the previous market peak.

When adjusted for inflation the nationwide annual increase drops slightly to 5.9 per cent and values are now 28.8 per cent above the 2007 peak.