QV general manager David Nagel said value growth remained modest across many areas as affordability constraints put the brakes on after a period of sustained growth.
"Undoubtedly, the heat has been taken out of the market in recent months," he said.
Nagel said the median number of days to sell was up across many regions including Auckland.
"The Super City, in particular, is seeing vendors' sales price expectations being challenged," he said.
"However, in many cases, sellers' are refusing to sell below their expectations which is keeping values either at or slightly below their current levels."
Despite the slowdown, Nagel said GDP growth remained strong and the labour market continued to perform well, which is underpinning a seemingly steady market.
"These factors, coupled with a steady interest rate environment and strong net migration, signal that the market is in a relatively strong position."
Nagel said a real positive was the continued resurgence of first home buyer activity.
He said the latest CoreLogic Buyer Classification data indicated first home buyers remained a major presence across most main centres, particularly in Wellington and Christchurch.
"Over the coming months, I'll be closely following investor activity as we see what impact the foreign buyer ban will have on the market.
"I'd anticipate the low-to-med priced section of the market to remain busy and first home buyers to continue to be a strong presence throughout the summer months."
