Nationally, house prices gained just 0.9% for the quarter, Auckland declined 0.5% and Queenstown booked zero percent growth; while many parts of Otago were in a range of just 1%-3%.
QV National spokeswoman Andrea Rush said the housing market was continuing to stabilise with the lowest rate of growth seen in five years; with annual value growth for the year to October at 3.9%.
Analysts have been citing numerous reasons for the cooling housing market, including tighter banking conditions, the effect of the Reserve Bank's loan-to-value ratio restrictions, increasing interest rates, and more recently pre-election hesitancy.
''In general there appears to be a trend of slowing in the rate of growth with the frenzy induced by high numbers of investors in the market subsiding and a return to more normal levels of activity in housing market around the country,'' she said in a statement.
Ms Rush said while value growth ''stalled'' in Queenstown Lakes with a 0% increase during the past three months, values still continued to rise ''moderately'' in all parts of Dunedin and Wellington.
QV Dunedin property consultant Aidan Young said within the investment market there were gains to be found in Dunedin, Central Otago and Wanaka, which could not be found in most other parts of the country.
''With a capital rate [return] of 6% to 8% compared to around 3% in other parts of the country, investors remain active,'' he said.
More subdivisions were opening up the outskirts of Dunedin, including the Northern Harbour areas, which offered high elevation with good views, as well as St Clair and there was continued development in Mosgiel.
Mr Young said Dunedin residential property values were continuing ''the moderate upward trend'' of the past 18 months; rising 12% in the year to October and 2.3% during the past three months.
Confidence in the market overall appeared to be good with eight sales over $1million so far this year, including one recently for $2.5million.
While the Dunedin market was slowing from its earlier pace, Mr Young said the market remained very competitive, particularly for first home buyers.
''There are lots of first home buyers looking and we are seeing a number of buyers feeling frustrated and even desperate after missing out on properties numerous times,'' he said.
He cautioned the competitiveness was leading people to not perform due diligence or being more prepared to overlook any flaws or red flags about a property.
Dunedin sales volumes were similar to the levels they were experiencing at the end of 2015, when the market had at that point dipped, and low levels of property listings were the result of those listings being depleted over time and not being replenished at a matching rate,
Mr Young explained.
''Buyers are also experiencing difficulties obtaining finance, similar to in other parts of the country,'' he said.
Ms Rush said Nelson and the Hawkes Bay continued to have the strongest percentage growth of the main urban areas.
In the provinces, she said, the strongest growth was in South Wairarapa and also in some places which have been slower to have recent value hikes, including the Far North, Stratford, Ruapehu, Otorohanga and Southland; the latter up 17.5% for the year and 3.7% for the quarter.
