Hawke's Bay property values continue to fall, along with the national trend, according to the latest figures from Quotable Value.
Property values in Hastings decreased by 1.4 per cent compared to last year - to be 7.8 per cent below the peak of April 2008.
Napier values have decreased by2.9 per cent, 7 per cent below the peak of December 2007.
Both cities' property values fell 1.5 per cent last month, following a February fall of 0.5 per cent in Napier and Hastings.
QV Hawke's Bay manager Bevan Pickett said market activity continued to be at low levels with buyers generally "cautious and calculated in making a decision".
"Low interest rates and the loosening of lending criteria by banks may encourage some activity in the market but it is too early to say how much impact this might have."
Floating mortgage rates from banks ranged from 5.7 to 6.2 per cent.
The average sales price in February for Hastings was $316,968 and for Napier was $330,663.
QV research director, Jonno Ingerson, said national values for April remained stable - 1.9 per cent lower than the same time last year and 5.8 per cent below the market peak of late 2007, he said.
The levelling of nationwide values was initially due to a flattening of values in the Auckland market but there were also signs values were stabilising in other parts of the country, he said.
No index had been generated for Christchurch because of the earthquake. QV's Residential Price Index is calculated using sales data from the three months leading up to the month being reported. It is not the same as the average sales price, which fluctuates in line with the mix of properties selling.
