WELLINGTON, June 3 (Reuters) - New Zealand house prices in May rose 7.7% on-year to an average value of NZ$739,539 ($464,209), government valuer Quotable Value (QV) said on Wednesday.
* Property value rose 5.4% year-on-year in Auckland
* Average house in Auckland is now valued at NZ$1,086,223
* The decline in sales volumes suggest house prices on brink of a material decline for the first time in nearly 12 years, QV says
$1 = 1.5931 New Zealand dollars Reporting by Praveen Menon, Editing by Sherry Jacob-Phillips