Auckland house prices appear to be levelling off after five successive months of record prices.

New sales data from Barfoot and Thompson shows the average house price fell 1% in August, to $821,000 dollars.

Barfoot and Thompson managing director Peter Thompson said sales were strong.

But he believed buyers are wary about the impact of new Reserve Bank and Government rules and regulation.

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"People are at the crossroads of waiting to find out how much impact that's having, and, of course, we're in the winter months."

The company is expecting moderate increases over the next few months.

There may be hope in sight for prospective first home buyers locked out of Auckland's housing market.

Peter Thompson said prices could drop when new supply comes on the market next year.

"That's when we will start seeing an over-supply, and prices may tend to come down at that stage."

Thompson believes it's still too early to say when that price drop will occur.

The Barfoot and Thompson data comes days after QV released property data for the year to August.

It showed over the past year, residential property values have risen at the fastest annual pace in eight years.

QV experts are taking that as a sign the Auckland property market is about to reach its peak.

Auckland valuer James Wilson said prices in new developments like Addison, Stonefields and Flatbush increased by as much as 10% in three months.

“In some established new developments two tier markets are starting to appear where buyers are paying a premium for new homes off the plans," he said.

"These buyers are then often unable to sell for the same value levels when they attempt to sell the properties within a short time frame."

Labour housing spokesperson Phil Twyford said the Government is still taking a big risk by not doing anything about it.

"John Key has made a political calculation that some homeowners are happy to see property prices go up," he said.

"They think they're getting wealthier but they won't thank him if the housing bubble bursts."