The Government reforms – including an extended bright-line test and the phased removal of interest deductibility – look to have dented activity according to the research firm's latest report.
The nationwide average price rose by 2.2% to more than $890,000 in May, slowing from a 3.1% increase in April, according to CoreLogic's House Price Index.
According to the data set, the yearly rise remained a strong 20.5%, up from 18.4% in the year to April, when level four lockdown impacted early activity.
Most of the main centres in NZ recorded a slowdown in price growth over the month.
Auckland prices rose by just 1.4% in May to an average price of $1.26 million, compared with a 2.4% rise in April.
Tauranga was the best-performing urban centre, with price growth increasing month on month.
The Bay of Plenty coastal city recorded a 5.1% rise over the month, up from 2.7% growth in April. Average prices there rose to more than $968,000.
Other resilient spots in the market included Queenstown and Rotorua, which saw prices jump by 3.9% in May.
The average price in Queenstown has hit $1.34 million, while the average Rotorua price remains a relatively affordable $663,269.