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Dunedin house values have bucked the national trend and declined during the past quarter, while Queenstown values are similar to Auckland.
Government agency Quotable Value said that residential values nationally increased 8.1% in July compared with a year ago and were up 3.1% in the past three months.
Dunedin City values initially saw some gains earlier this year but had dropped back recently, values having decreased 0.2% over the past three months to $284,516, which was still 3.4% above last year.
QV valuer in Dunedin Tim Gibson said the market had seen a slowing in supply of houses, and there were not enough quality listings for buyers.
''We may see the situation improve through spring, when more sellers put their homes on the market,'' Mr Gibson said.
While Queenstown was also below the national percentage gains, being up 4% on a year ago and 1.4% on the previous quarter, its current average house value stood at $637,756.
The current average house value in the wider Auckland region is $644,973. Seven areas within Auckland eclipsed Queenstown values, with Auckland City East having the highest average value at $952,784.