Nationwide house prices showed very little growth of 0.2 per cent in April, with Dunedin the only main centre to see any material value growth in the month, up 1.6 per cent, according to the QV House Price Index.
Property value growth remains constrained with five of the six main centres - Auckland, Hamilton, Tauranga, Wellington and Christchurch - seeing a minor loss in average value through the month of April.
This is the first time since September 2010 that at least five of the six main centres saw value falls in the same month.
Over the three months ending April, four of the six main centres recorded a rise in values, while Auckland and Christchurch were the only main centres to see values drop over the quarter - Auckland down by 0.3 per cent and Christchurch by 0.2 per cent.
Hamilton prices rose 1.7 per cent over the quarter, Tauranga 0.8 per cent, Wellington 1.2 per cent and Dunedin 3.1 per cent.
The highest capital gains can be found across the regional markets, however there are signs of weakness ahead said Nick Goodall head of research for CoreLogic whose data is used for the index.
“The New Zealand property market is currently showing a prolonged period of soft conditions
"We're starting to see population growth slow in these regional centres, and with extended value growth not matched by wage growth, property is becoming less affordable, especially given a tightening of lending credit policies," Mr Goodall said
Annual rates of growth in the main centres remain below nine per cent, with Dunedin at 8.8 per cent and Wellington at 6.6 per cent the only areas with any consistent period of growth over the past 12 months.
"The inconsistent and constrained growth across the main centres is most evident in Auckland (0.8 per cent) and Christchurch (-0.5 per cent), where, aside from minor monthly fluctuations values have been flat for about 18 months now," Mr Goodall said.
Across the other main urban areas, the strongest performing city is Napier, where property values have grown 17.6 per cent in the last year.
Nearby Hastings has also had strong property value growth of 12.5 per cent over the past year.
Further south, Kapiti Coast continues to benefit from improved commuting times into Wellington as values have increased 13.4 per cent in the last year.
At the other end of the scale is New Plymouth, where values are up by a lower 6.3 per cent over the year, although this is still greater than most of the main centres.
Overall, Mr Goodall said, the New Zealand property market is currently showing a prolonged period of soft conditions as stricter mortgage serviceability criteria continues to limit the ability of potential buyers to borrow the money required to buy and transact in the market.
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