Bob Willers will be sad when his property sells but he isn't shedding any tears just yet.

His Holdens Bay homes have been on the market for more than three months but the 81-year-old is hopeful a slash in price might do the trick.

The latest QV House Price Index shows Rotorua's average residential property value for December was $412,741. That's an increase of 0.3 per cent compared to three months ago - while the national value increased by 3.6 per cent over the same timeframe.

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Willers owns four properties on one title on Robinson Ave near the lake, which between them have 11 bedrooms, five bathrooms and four garages. Or a main house, two units and one cottage.

A builder by trade, Willers said the main homestead was a surprise to his late wife after he built it in secret with his three brothers.

The five-bedroom home holds fond family memories and while he would miss the peaceful neighbourhood, a relocation to Tauranga was imminent.

The property was first listed at $1.2 million but had been reduced to $995,000 - a move he liked to think would spur some action.

''I've really enjoyed living here, it's been great. I think it could suit anybody - an investor, or families as you have an income stream, there is lots of different opportunities.''

LJ Hooker Rotorua principal Malcolm Forsyth said the property was unique and that was reflected in the price.

''We did start at over $1m for the property and possibly that could be one of the reasons why it has stayed a bit. But the new price might make a big difference, it is a lovely property but it won't be for everybody but could be an ideal investment scenario.''