Nationwide property values have decreased 0.3 percent in the last month, due to a 0.5 percent decrease in the property values in Auckland since December last year.
Though prices have dropped throughout the country in the past month, values have risen more than 12 percent over the last year and 0.7 percent in the last three months.
Values stand at more than 34 percent of what they were in 2007, with a national median house price of $556,000.
Auckland house prices are now 70 percent higher than 2007, when they last peaked. The average value in the Auckland region is now $928,921.
People are being pushed further from the CBD, meaning house prices continue to rise in Auckland outer fringe areas of Rodney, Papakura and Franklin, as well as in most other parts of the New Zealand.
QV National Spokesperson Andrea Rush says despite this, "for the first time in more than a year values have decreased over the past month in the former Auckland City Council suburbs as well as on the North Shore, in Manukau and Waitakere".
This could be in part due to the seasonal impact of the holiday period.
Ms Rush says the housing market may pick up this month and next, which are usually the busiest months of the year.
However, Ms Rush says it's more likely to be "continuation of the softening in the market we saw following the introduction of new rules by the Government and the Reserve Bank to curb investor activity in Auckland and the restrictions on the flow of capital out of China that occurred late last year".
She says the easing values may be "short-lived" as the driving factors behind house price rises -- high net migration, low interest rates and a lack of housing supply -- haven't subsided.