Property values in Nelson and Tasman are between 3 and 5 per cent higher since the market peaks of 2007, but values in Nelson city have dropped in the past three months, Quotable Value New Zealand figures show.
The latest monthly property value index shows that property values in Nelson city are 4.4 per cent higher than the market peak in 2007, but have slumped by slightly more than half a percent in the past three months.
Values in Tasman are 3.6 per cent higher that during the peak in 2007, and have continued to increase over the past three months by 1.9 per cent.
QV Nelson valuer Geoff Butterworth said sales were down since October with the impact of the LVR and mortgage rates tightening.
People should not read too much into the 0.6 per cent drop in Nelson city over the last quarter because it only took a couple of sales to alter the change, he said.
QV national spokeswoman Andrea Rush said that nationwide residential values for March have increased 8.8 per cent over the past year, and 0.1 per cent over the past three months.
"This means they are now 12.6 per cent above the previous market peak of late 2007," she said.
Rush said the LVR "speed limits" and the Reserve Bank signalling further interest rate hikes is likely to be contributing to a levelling off in the growth of property values, and for the first time in more than two years a decrease was showing in some areas.
"Home loan approvals nationwide are also down about 10 per cent on the same time last year, overall sales volumes are similarly down and the amount of activity from first home buyers around the country is also well down on what it was prior to the LVR speed limits being applied in October," she said.
Values in the provincial centres were still variable.
In the South Island, Waimate District saw the greatest rise in values over the past year with values up 10.3 per cent on this time last year and up 6.2 per cent in the past three months.
Kaikoura District was also up 5.6 per cent year on year and 6.6 per cent since December.
Do you agree with the city council's decision to put a 30-minute limit on buskers' performances?Related story: (See story)