The latest figures from Quotable Value reflect a sluggish property market, with the average value of New Zealand homes lifting by less than 0.2% in February.
According to QV, the average value of homes throughout the country was $672,645 in February, up by just 0.16% compared to the January average of $671,531.
However it was still 6.5% higher than it was in February last year.
In the Auckland region the average value of homes dropped very slightly, from $1,054,974 in January to $1,053,948 in February (-0.1%).
That means the average value of homes in Auckland is now just 1% higher than it was 12 months ago, suggesting values in the country's biggest city have largely flatlined.
"The market [in Auckland] remains sluggish with values holding for the most part, with a lack of good quality listings on the market and lower than normal sales volumes for this time of year," QV Auckland senior consultant James Steele said.
"Properties that are not well presented, have outstanding maintenance or are damp or shaded for example, are sitting on the market for longer.
"This is a change from when the market was very hot and everything was selling quickly," he said.
Average values also dropped slightly in Queenstown Lakes, which like Auckland has seen a massive increase in property values over the last few years.
However the average value on Queenstown Lakes dipped from $1,116,673 in January to $1,114,358 in February, but that was still 7.2% higher than in February last year.
'Wellington market still seeing plenty of activity'
In the Wellington Region the average value of homes increased from $634,811 in January to $640,737 in February and was up 8.6% compared to 12 months ago.
However February's average values were down in Porirua and Wellington City compared to January.
"The Wellington market is still seeing plenty of activity although the rate of value growth has slowed a bit," QV Wellington senior consultant David Cornford said.
"The Hutt Valley is a bit flat but first home buyers remain active accounting for 42% of sales in Lower Hutt and 30% of all sales across the Wellington region, so they are a a big portion of the market.
"Investor activity is pretty flat at the moment and yields have increased slightly due to strong rent growth and less promise of quick capital gains," he said.
In Christchurch the average value of homes was virtually unchanged, rising by just $104 from $494,459 in January to $494,563 in February, although it remained 0.8% below where it was in February last year.
"Properties are still selling but we're just not seeing an increase in values," QV Christchurch senior consultant Daryl Taggart said.
"So far we''ve noticed no significant changes in activity from home buyers or investors since the easing of the LVRs in January."
However values appear to be still rising in many provincial centres.
"The Hamilton and Tauranga markets have picked up in February after a sluggish start to the year while the Hawke's Bay continues to see some of the strongest value growth in the North Island," QV national spokesperson Andrea Rush said.
"Many regional areas of the South Island continue to see values rise including Nelson and Tasman, the McKenzie District, Southland and Invercargill.
"Low interest rates and the easing of the LVR restrictions has seen many more first home buyers active in areas where they can still afford to enter the market," she said.
QV House Price Index - February 2018
|Territorial authority||Average current value||12 month change%||3 month change %|
|Main Urban Areas||788,173||5.1%||1.1%|
|Total New Zealand||672,645||6.5%||1.2%|
|Auckland - Rodney||951,356||1.5%||1.7%|
|Rodney - Hibiscus Coast||930,503||1.3%||1.6%|
|Rodney - North||973,369||1.7%||1.8%|
|Auckland - North Shore||1,231,179||2.9%||1.5%|
|North Shore - Coastal||1,412,965||3.6%||2.3%|
|North Shore - Onewa||972,478||1.0%||-0.2%|
|North Shore - North Harbour||1,214,172||3.2%||2.0%|
|Auckland - Waitakere||825,362||-0.8%||0.5%|
|Auckland - City||1,239,086||1.2%||-0.2%|
|Auckland City - Central||1,076,464||1.3%||-0.9%|
|Auckland_City - East||1,566,834||1.7%||-0.2%|
|Auckland City - South||1,095,706||-0.4%||0.1%|
|Auckland City - Islands||1,181,685||11.8%||2.3%|
|Auckland - Manukau||902,791||0.0%||1.3%|
|Manukau - East||1,155,919||-0.3%||1.0%|
|Manukau - Central||701,488||2.4%||2.0%|
|Manukau - North West||779,011||-0.8%||1.1%|
|Auckland - Papakura||702,318||2.3%||1.5%|
|Auckland - Franklin||674,114||1.6%||2.2%|
|Hamilton - North East||694,699||2.0%||0.7%|
|Hamilton - Central & North West||498,761||1.0%||-0.2%|
|Hamilton - South East||500,468||3.9%||1.8%|
|Hamilton - South West||491,915||5.9%||0.5%|
|Central Hawkes Bay||316,954||22.1%||8.1%|
|Wellington - Central & South||762,980||8.2%||2.7%|
|Wellington - East||821,985||6.2%||2.7%|
|Wellington - North||686,534||7.4%||1.8%|
|Wellington - West||879,039||8.9%||0.2%|
|Christchurch - East||371,826||0.0%||0.1%|
|Christchurch - Hills||669,770||-0.3%||1.3%|
|Christchurch - Central & North||583,678||-0.9%||-0.3%|
|Christchurch - Southwest||472,482||-1.4%||0.4%|
|Christchurch - Banks Peninsula||511,931||0.8%||-0.4%|
|Dunedin - Central & North||407,170||9.2%||0.9%|
|Dunedin - Peninsular & Coastal||360,626||10.3%||1.6%|
|Dunedin - South||373,280||9.5%||1.4%|
|Dunedin - Taieri||408,439||8.5%||2.7%|