A new One Roof report suggests the house price gains of 2021 are being wiped out

The nationwide average property value has fallen 2.9 percent in the last three months to just over a million dollars ... a 21-thousand dollar decrease.

Editor Owen Vaughan says the Greater Wellington area was hardest hit by the market slow down, with an 8.3 percent dip.

He says it's likely because it had the biggest price surge last year... meaning the comedown's hitting harder.