In my opinion the most accurate measure of house prices in NZ is the Stratified House Price Index published monthly by the Real Estate Institute. The index was developed in 2009 in cooperation with the Reserve Bank to provide a measure of real price movement by removing the influence of individual regions, districts or suburbs skewing the data by excess demand as could be occurring in today's market influenced by the Auckland market.
The July figures released this week saw a noticeable easing of price across the National picture as well as in Auckland and the other key cities. Whilst not as yet a trend, there is a sense of the market beginning to push its natural limit especially as we are in Winter. Another component of this sense of easing in the pace of growth in house price inflation was the increase in inventory reported earlier this month pushing more regions into a balance market and out of a sellers' market.
Below are the charts for Stratified price index for the 3 cities and the national picture comparing the current price to the past 6 years covering the prior peak of the market and crash in property prices in 2008.