Housing values nationwide dropped 4.5% on average in the year to August but the valuation agency, Quotable Value, is reporting signs of stability.
The average price was $391,487.
The drops are across metropolitan and provincial areas with only Southland bucking the trend.
Gisborne properties are 10.4% below a year ago and in Hamilton, they dropped by 8.5%.
Dunedin values have sunk 7.8%, while Invercargill values have just begin to drop.
Values in Wellington are down 2.9% while in Auckland, they are down 5.8%.
