Queenstown's residential values have hit a new $1 million average, up 32.2 per cent in the last year, which is three times Auckland's annual value rise.

The QV House Price Index out today showed the Queenstown Lakes area's average house value now stands at $1,000,204, up 32.2 per cent in the last year and 7.5 per cent in the last three months.

Auckland's average house value growth was 12.8 per cent in the last year and 3.7 per cent in the last three months. The rate of growth is the slowest since January 2015. The average value for the Auckland Region is $1,051,387.

Andrea Rush, QV spokeswoman, said spring had been a weak market, partly due to the Reserve Bank's loan to value borrowing restrictions.


The Queenstown rises come "as the latest round of LVR restrictions have led to a weaker than normal spring as a reduction in demand for investor housing stock has resulted in more subdued value growth and has seen nationwide quarterly growth to ease back to 2.0 per cent," she said.

"While values continue to rise in most parts of New Zealand, the trend of a slowing rate of growth continues for Auckland, Hamilton, and Christchurch," she said.

Realestate.co.nz, the country's largest real estate listing site owned by a group of big agents, also announced today that Auckland's housing market was cooling, that prices were up only 0.4 per cent in the three months to November and there was a 8.1 per cent drop is listings viewed.

Barfoot & Thompson figures showing the volume and value of Auckland sales are due out soon.