The Real Estate Institute's House Price Index fell 12 percent year-on-year in April Photo: RNZ / Marika Khabazi
The housing market remains under pressure, with lower prices and fewer sales, as properties take longer to sell.
The Real Estate Institute's (REINZ) House Price Index (HPI) for New Zealand, which measures the changing value of residential property nationwide, fell an annual 12 percent in April - or 11 percent when Auckland values were excluded.
REINZ chief executive Jen Baird said April tended to be slow due to public and school holidays.
Nationally, the median price fell 11 percent year-on-year to $780,000, with values down in most regions, apart from West Coast and Otago, where there was an annual increase in median prices.
The number of days to sell rose to 47 days last month, up nine days on the year earlier.
"Salespeople across the country are reporting glimpses of green shoots in the market this month as first home buyers show more interest after the Reserve Bank's announcement on the easing of LVR (loan to value bank restrictions)," Baird said.
"Those who are prepared to negotiate and be realistic are the ones selling."
However, national sales numbers were down 29 percent in April to 4262, from the month before - or 15 percent on the year earlier, while new listings fell 19 percent.
"New Zealanders are waiting for the peak of inflation, a settling in interest rates and some clarity around the outcome of this year's election," Baird said.
"This is what is keeping activity low. However, for those looking to buy, lower prices and good stock levels means there are opportunities as we head into the cooler months."