Growth in property prices has eased, but underlying demand is still strong in certain places.
Photo: RNZ / Cole Eastham-Farrelly
The QV House Price Index rose 12.9 percent in the year to March - a fall from the 13.5 percent in the year to February.
The national average remained steady at $631,432.
QV national spokesperson Andrea Rush said it was a mixed picture, with values in parts of Auckland, Hamilton and Christchurch falling, but holding steady or rising elsewhere.
Wellington continued to see some of the strongest growth of any area in the country, she said, particularly in more affordable areas outside the central city such as Porirua and the Hutt Valley.
Ms Rush said the Reserve Bank loan restrictions brought in last year were still dampening parts of the market - but that effect may not last.
"It's possible we may see values start to rise in these main centres in coming months given that the market is still being driven by a high number of sales to investors, record-high net migration, relatively low interest rates, a lack of supply and fewer taxes on property investment than many other countries," she added.