House price growth has dropped off at both ends of the market

The QV Quartile Index for May shows average monthly growth across the most and least expensive houses in New Zealand was around 1.7 per cent.

It's the first time growth has dipped below two per cent this calendar year.

QV general manager David Nagel says we've still got a way to go until we can officially say the property market is cooling off -- with prices still going up.

Real Estate Institute figures released yesterday show median house prices increased by 32 point 3 per cent in the year to May.