The average sales price across New Zealand increased to $409,807 in January from $404,671 in December.
"Market activity in January appears to have been patchy. Overall, activity was lower than expected, although our valuers are seeing an increase in activity in some sectors of the market and a decrease in others," said Glenda Whitehead of QV Valuations.
A typical increase in listings activity in January appeared to be absent.
The drop may be because more people were being forced to take additional leave this Christmas, and there were also signs of increasing indecision in the market.
"Some of the frantic market activity of 2009, when there were multiple buyers competing for a property, appears to have eased, at least for the time being," said Ms Whitehead.
Values in the Auckland region are now 7.3 percent up, the Wellington area is 5.7 percent up, and Christchurch 6.3 percent up. Values in the other main centres have fluctuated in recent months, but still remain above last year by 3.5 percent in Hamilton, 0.6 percent in Tauranga, and 5.0 percent in Dunedin.
Rotorua is 3.3 percent up, Napier 5.1 percent, New Plymouth 7.1 percent, Wanganui 0.1 percent, Palmerston North 5.6 percent, Nelson 3.6 percent, and Invercargill 4.6 percent. Whangarei is the only centre below last year at 3.9 percent.
Queenstown Lakes is 0.5 percent above last year and this is the first time it has shown year-on-year growth since May 2008.
