Would-be Auckland home buyers may be slightly relieved by the Real Estate Institute's latest figures for October which show the city's median price has slumped to a 16 month low of $850,000.
The median house price fell by 3.2 per cent year-on-year since December 2010 in Auckland, according the the REIZ's statistics.
Across New Zealand, the median house price rose to a record $440,000.
Nelson was the only other region to experience a drop in value to $447,500 which is a 6.8 per cent decrease year-on-year since April 2012.
"The Auckland Region's decrease of 3.2% year-on-year is predominantly the result of a large number of apartments being sold in the old Auckland City boundary which has therefore brought the median price down for the entire region," said Bindi Norwell, REIZ chief executive.