National property values are on the rise, but Rotorua house values have dipped to 8.6 per cent below their 2007 market peak, new figures reveal.

Rotorua property values slipped 0.2 per cent in the 12 months to June to an average price of $268,486, according to state valuer Quotable Value.

Nationally, values increased 8 per cent in the year to June to $476,346, up 15 per cent on the 2007 peak.

According to the latest Real Estate Institute of New Zealand data, the median Rotorua house price in May this year was $242,500.


Anita Martelli, owner of Ray White Rotorua, said a shortage of good quality homes in the $300,000-$400,000 bracket was bringing in multiple offers on some properties.

But that aside, the 0.2 per cent drop reflected the "consistent" nature of the Rotorua market.

"We don't have those highs and those low lows in terms of the regional areas, Rotorua is still ticking along."

The buyers were there, Rotorua just needed the stock to service them, she said.

QV national spokeswoman Andrea Rush said while the national value was still on the rise, the picture around the country was mixed.

"Residential property values in Auckland and Christchurch are still increasing at a similar rate to what they were in June last year," she said.

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"Values in Wellington and Dunedin are showing a downward trend this month, as are a number of other provincial centres around the country."

Sales volumes and home loan approvals were also down "considerably" - about 15 to 20 per cent lower than the same time last year.

The Reserve Bank last month raised its official cash rate by 25 basis points to 3.25 per cent and is expected to keep raising rates, with economists predicting another increase to 3.5 per cent on July 24.