New Zealand property values rose at the slowest annual pace in 13 months in July as rising interest rates, restrictions on low-equity home loans and the onset of winter took the heat out of the housing market.

Property values nationwide rose 7.6 per cent in July from a year earlier, slowing from an eight per cent annual pace in June, according to state-owned valuer Quotable Value. That was the slowest annual increase since June last year. Sales volumes were between 15 per cent and 25 per cent…