Westpac in Rotorua had been active in helping first home buyers get mortgages with Welcome Home loans following the Reserve Bank's mortgage lending restrictions, brought in last October.
"[We're] still getting the inquiries but in general some of our sales have been some of the higher end [properties], so it's a good sign."
QV research director Jonno Ingerson said growth had slowed in the first month of the year.
"The January index shows that nationwide values increased 0.3 per cent compared to December, while a month earlier the increase was 1.3 per cent.
"So while values are still increasing, the rate of this increase has slowed considerably.
"This pattern of slowing value increases is evident across Auckland also. Most of the other main centres have also slowed considerably to the point where values were either flat or slightly decreased in the past month."
Although it was the first month values appeared to have slowed, the timing was aligned with the effects of the Reserve Bank's lending restrictions.
"These 'speed limits' have reduced the number of first home buyers active in the market, but perhaps more importantly have led to increased caution among buyers. This caution is offsetting any potential upward pressure on prices due to a lack of listings in many areas."
There was widespread expectation the lending restrictions would slow increasing property values, at least temporarily, he said.
QV had expected provincial and rural areas to be hit harder by the restrictions but at this stage that did not appear to be the case.
The Reserve Bank is expected to start increasing interest rates from next month.
