Property values have risen by more than 5% in the year to February, but appear to be levelling off, says property information organisation Quotable Value.
Quotable Value says the national price average was slightly more than $416,000 in February, up from almost $410,000 in January.
Valuations manager Glenda Whitehead says the pace of growth has slowed in the main urban areas in the past few months, and values have fallen in some provincial areas.
Ms Whitehead says uncertainty about unemployment, possible interest rate rises and continued tight lending criteria are probably still having an effect.
Ms Whitehead says she expects prices to stabilise.