"There's a few people saying the upcoming election is holding people back ... Generally things do tend to slow up around the election but once that is over we will probably see a bit more activity."
The Tauranga market was quite positive and with interest rates holding steady was stable, he said.
Ross Stanway, chief executive of Realty Services, which operates Bayleys and Eves, said the median price was only a reflection of the volume of sales in a particular price bracket.
He said last month saw more sales in lower price brackets, but he described the market as steady.
"Even though buyers have less choice, properties are still selling."
Mr Stanway said he was starting to see more properties come onto the market.
"It is good because it gives buyers more choice and it also brings more buyers to the market."
Principal of Ray White Papamoa/Mount Maunganui Greg Purcell said local median house prices had sat around $390,000 for a long time but they have pushed up to the $420,000 mark in some areas over the past 18 months.
"We're trying to gauge how much of that is because of possible LVR restrictions on investments for first-home buyers, thus eliminating that part of the market that keeps the average price down a little bit."
Mount Maunganui was enjoying particularly good house values.
"If you have a listing that's where people want to be there might not be a hell of a lot else around, so we're getting multi offers which inevitably drive prices up."
The coming election did not appear to have had much of an impact on buyers and sellers locally, Mr Purcell said.
The number of houses sold nationally in August fell 16.3 per cent compared with the same time last year to 5481, which was down 7 per cent from June.
August's national median price of $420,000 was up $30,000 on the previous August, and $4000 higher than in July.
