This country's average residential property value edged up marginally in the three months to May, but value movements were very mixed around the country, according to the latest QV House Price Index.
The average residential value was $913,772 at the end of May, up by 0.1% compared to three months earlier.
Around the country, average values increased in nine regions and declined in seven.
The biggest increases were in Whangarei, up 3.2%, followed by Christchurch and Invercargill, both up 1.3%.
Wellington Region led the decliners, with average values there dropping by 1.4%, over the three months to May, followed by Palmerston North -0.9%, with Marlborough and Dunedin both on -0.8%.
Auckland's average value was down 0.5% over the three months - see the chart below for the full regional figures.
"The housing market is still softening, but doing so at a slowing pace with signs of tentative confidence beginning to surface," QV Operations Manager James Wilson said.
"With interest rates easing and more owner-occupiers re-entering the market, particularly in the middle and upper brackets, we're observing a return to activity in the main urban centres," Wilson said.
"Investor activity is also picking up, especially in lower value and regional markets. This, combined with steady demand from first home buyers is starting to generate subtle competitive pressures.
"However, high stock levels and cautious vendor expectations are still keeping price growth in check," Wilson said, adding that ongoing global uncertainty, including from US trade tariffs and escalating conflicts, along with local concerns about job security were still contributing to a climate of caution.
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