The latest QV House Price Index suggests the rate of house price growth is "finally showing signs of slowing", a local valuer says.
But a local real estate manager says the lower rate of price rise in Napier and Hastings could be down to lower sale numbers.
In Hastings, the average house price increased by 1.4 per cent in the past month to $808,466 − down on March's 3.8 per cent increase and April's 5.8 per cent.
In Napier, the average house price increased by just 0.03 per cent in one month to $798,824, which is "considerably less" than the 5.2 per cent and 3.6 per cent growth it registered back in April and March.
Local QV valuer Damian Hall said the month of May has shown "great contrasts" to the previous six to 12 months, with the rate of growth in house prices "finally showing signs of slowing" across the Hawke's Bay region.
He said it's "interesting" that Hastings' average house price has overtaken Napier's and said this could be due to "strong sales" in the higher-priced areas such as Havelock North.
"Listing numbers have decreased and the effects of winter may be slowing the market down.
"New Government regulations may also be taking effect now, but there is an expectation that investors won't remain quiet for long.
"Perhaps it's a sign that Hawke's Bay has reached its peak of sustainable growth for now," he said.
Tremains regional manager Stuart Christensen said the lower increases could be down to lower sale numbers.
"There's no doubt stock levels are lower than before.
"Because the market is going so well, we can have a week or two when it's quiet, then all of a sudden it will just ramp up again."
He said they hadn't seen a drop or levelling-off in house values.
Christensen did not think Hawke's Bay had reached its peak of sustainable growth, saying there isn't a problem with the population increasing but more housing to accommodate this is probably needed.