Average residential property values in Auckland are continuing to slowly but steadily decline, according to the latest figures from Quotable Value.

QV says the average value of residential properties in Auckland declined for the eighth consecutive month in July, down from $1,050,647 in November last year to $1,025,389 in July this year. Across the region average values were 2.6% lower in July than they were in July last year, and 0.8% lower than they were three months ago.

On an annual basis the biggest falls have been in some of the region's most expensive districts, with average values in the Gulf Islands (mainly Waiheke) and North Harbour both down by 4.8% on a year ago, followed by coastal North Shore which is down by 4.5%.

The only district in the Auckland region where average values are not lower than they were 12 months ago is Franklin on Auckland's southern flank, where July's average value of $673,372 was up 1.3% compared to 12 months ago.

Around the rest of the country average values in July were mostly well up compared to 12 months earlier, although in several places they are down compared to three months ago, suggesting the strong gains of the past may be coming to an end.

Areas where average values are down compared to three months ago include parts of central, north west and south east Hamilton, plus Tauranga, Whakatane, Rotorua and Taupo, all of Wellington City, Christchurch's central, northern and hills suburbs, Timaru, Queenstown Lakes, and Dunedin central, north and south.

Over all main urban areas throughout the country, average values in July were up 0.7% compared to 12 months previously, and down 0.3% compared to three months previously (see the table below for the figures for all districts).

Over the country as a whole, average values are up 2.2% compared to a year ago, and up 0.1% compared to three months ago.

"In the comings months, we're anticipating no major changes in market activity," QV general manager David Nagel said.

"Market conditions appear to be relatively stable, with record low interest rates likely to continue supporting steady buyer demand.

"As per usual as we emerge out of winter, we're expecting a slight increase in listings and sales volumes, although this won't have a substantial impact on market trends," he said.

The comment stream on this story is now closed.