Prices of property in New Zealand have seen a reduction in their rate of growth for the fourth month in a row, according to figures from property valuer QV.

Across the country, property values rose by 12.4 per cent for the 12 months to May, to an average price of $327,779 (£112,391).

This rate of increase is lower than the 13.1 per cent rise in prices that was measured in April.

Blue Hancock, spokesman for QV, said that New Zealand property prices were beginning to level out and show a degree of consistency.

"The most recent market activity suggests that there is no longer the urgent pressure on buyers and prices are stabilising," Mr Hancock said.

"This trend is expected to continue through the winter months."

Regionally, prices in Auckland saw an annual increase of 9.8 per cent to an average of $434,349 (£148,985), compared to the 11 per cent increase measured in April.

In the capital of Wellington, the price inflation of 13.6 per cent was a small drop from the 13.7 per cent in April, with an average property price of $363,741 (£124,759).

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    Carol McDonald