The oomph is going out of Auckland housing and the wait is on to see if the regions follow.
The latest QV House Price Index reveals house prices have increased by 8.1 per cent in the past year with the average value sitting at around $639,000.
Despite slowing annually, rates picked up in the last quarter - rising by 1.2 per cent.
QV national spokesperson Andrea Rush said the increase is driven by boosts outside our main centres.
"Strong value growth in some provincial areas and the market picking up again in Hamilton and Tauranga, after decreasing earlier in the year," Ms Rush said.
New Zealand Herald property editor Anne Gibson said it's not clear if the steam will stay.
"Certain areas like New Plymouth, Tauranga and Hamilton, there is still growth there and it's not in the same territory as Auckland. Will that change? Well let's wait and see what the next survey shows us."
The figures show house sales in Auckland are down 30 percent on this time last year. That's after banks tightened their lending criteria.
The value of the average Auckland home is holding steady at just over $1 million.
Ms Gibson said it's off the back off a huge surge.
"Every year the prices were going up around about a quarter. That's pretty phenomenal, that is pretty much bubble territory. Internationally that would be seen as quite extreme, so I think there was a bubble but it's just gone down."
LISTEN ABOVE AS NZ HERALD PROPERTY EDITOR ANNE GIBSON SPEAKS TO MIKE HOSKING