She said both buyers and sellers were taking a "wait and see" approach, possibly influenced by the delayed arrival of warmer spring weather and inconclusive election results.
Meanwhile in the Western Bay property values increased 0.4 per cent this quarter and 6.9 per cent year on year. The average value was $614,822.
QV national spokesman David Nagel said the normal spring surge in property listings had not eventuated through most of the country.
"This lack of supply helped insulate the market from more significant falls in values."
"While the property markets appear to have run out of puff in the main urban areas, there's still plenty of activity in the smaller provincial towns which were slower getting started."