Property values in parts of Auckland are dropping and in other parts of the city growth rate is the lowest in several years.
Latest data from QV shows prices in the country's biggest market rose by 5.3 percent in the year to July, the slowest rate of growth since May 2012.
Sales volumes fell more than 30 percent on the same time last year.
Values rose in some areas, such as Waiheke Island and around the city centre, but fell in Papakura, Franklin and Rodney.
Quarterly value growth in Auckland stalled for the second month in a row. The average value for the Auckland region is $1,044,303 and values are now on average 91.1 percent higher than the previous peak of 2007.
QV national spokesperson Andrea Rush said the regions were performing better than Auckland.
"Nationwide values are still rising, but this growth is now being driven by regional and provincial centres rather than the largest cities.
Strongest growth in July was in Kaipara, Whangarei, South Waikato, Waitomo, Masterton and Carterton.
Queenstown had the highest average values nationwide in July at almost $1.1m, topping those in the Auckland region.
The chairman of Queenstown's affordable housing taskforce said it was working hard to come up with solutions to the town's housing problem.
John MacDonald said his team had come up with a range of potential solutions so far.
They included the possibility of trust-held land being leased to homeowners for a nominal rent, or non-bank lending arrangements for home buyers through investors.
He said the taskforce was also trying to find ways to free up more land for housing developments.
Elsewhere, the rate of growth slowed in Wellington, while Christchurch prices were stalling.
Ms Rush said the market was keeping an eye on the September election. There was also slump in activity because of the cooler winter months but it was likely to pick up again in spring.
Nationally, the average price grew at the slowest rate in two years, to stand at $641,280.