The latest Quotable Value statistics show house prices are continuing to fall, but the decline is slowing.
QV figures show house prices fell by 9.2% in the year to April, slightly less than the 9.3% decline in the year to March.
Spokesperson Blue Hancock says this is the first such change since September 2007, and shows prices are stabilising.
Mr Hancock says the property market traditionally slows in winter, but lower interest rates and a shortage of listings in some areas could see it turn around.
He says more data is needed to determine whether the property market has bottomed out.
Mr Hancock says investors and first home buyers are getting into the market again, though the housing market is likely to take longer to stabilise in those areas hardest hit by unemployment.
The average sale price of homes fell slightly over the period, to $372,000.