Housing valuer QV says property prices are showing further signs of easing off, as buyers remain cautious about big purchases.
The agency says property values in March were 6.1% above what they were in the same month last year.
However, they are still 3.9% below the market peak of late 2007 and have shown signs of slipping in recent months.
And the national average sales price in March dropped to $407,133 from $416,074 in February.
Values have eased over the past few months in the main centres, but are still above the same time last year.
In the Auckland region, values in March were up 9.9% on last year, and have risen in the Wellington region (6.6%), Christchurch (6.9%) and Dunedin (7.3%).
Values have grown less over the last year in Hamilton, which is now 3.8% above last year, and Tauranga which is only 0.1% above last year.
Provincial centres have shown more variability. Most have experienced moderate growth over the past year, although Whangarei was down 1.1% and Queenstown Lakes was 1.8% below last year.
QV valuations manager Glenda Whitehead says the property market is quite different to the second half of 2009.
She says there has been the usual seasonal increase in new listings over February and March, but sales activity remains relatively subdued.
Ms Whitehead says buyers appear to be holding back as concerns linger over job security, bank funding is perceived to be difficult to secure and any tax changes remain unknown.
She says until there is more certainty around the other economic factors it's likely the market will flatten or even ease a little.
Ms Whitehead says April is likely to be a relatively quiet month, partly because of Easter and the school holidays.
