Good news for first home buyers - at last.
Free property insights' website homes.co.nz has released its latest monthly analysis of bottom quarter prices, and they have moved down.
Homes.co.nz spokesman Jeremy O'Hanlon said it was the first dip in a long time.
"This is the first time in years that first home buyers have had something positive in the property data to look at. It's been a tough set of data to look at for first home buyers."
That data shows the deposit required by first home buyers. It is based on the 20 per cent deposit they need to afford the lowest 25 per cent of houses, which are traditionally targeted by those entering the market for the first time.
"While total prices are staying steady, the bottom quarter of prices are moving down, saving first home buyers upwards of $4000 on a deposit when compared to buyers in September.
"Auckland central's deposit requirement has dipped $4000, West is $3000, Hamilton $1600, Wellington $1100."
In Auckland's south and east buyers targeting the cheapest homes now needed $1450 less than in September, while those north of the Harbour Bridge will fork out $1500 less.
The only major population area to see an increase was Christchurch, albeit a tiny $50 rise.
It was hard to know the reason for the dip in North Island cities, but it could be related to Government-imposed speed limits on borrowing by investors, O'Hanlon said.
Investors tended to target the same market as first home buyers, he said.
Homes.co.nz analysis follows claims this week by the head of one of the country's largest real estate agencies that Auckland's once red-hot property market was losing momentum.
Barfoot & Thompson managing director Peter Thompson said there were record-high sales prices last month, while the number of sales fell to its lowest in five years.
The number of properties for sale, meanwhile, reached its highest in three years, culminating in a rare situation in the property market.
"It is a combination of factors that hasn't come together for many years. The last time sales numbers fell this low in an October was in 2011 when the market was still not fully recovered from the 2007 Global Financial Crisis. It is yet another sign the Auckland market is losing its forward momentum."
Lending speed limits on investors had had a significant impact on sales in the under $500,000 price category, Thompson said.
"With the normal spring lift in sales activity failing to arrive this year, the relationship between buyers and sellers has moved into a more balanced position."
According to QV's latest monthly House Price Index, released on Tuesday, Auckland's property values increased 13.8 per cent year-on-year - the slowest rate since March 2015.
The average value of a house in the region was $1,045,207 in October and $1,209,199 in city suburbs.
Deposits required for a first home, according to homes.co.nz
Auckland Central: $176,200
Auckland North: $168,500
Auckland West: $133,000
Auckland South: $122,000