Property values appear to be remaining in a holding pattern

Cotality's latest index has the national median at 806-thousand dollars.

The median price is 17.4 percent below the peak, and only 1.1 percent higher than the June 2023 trough.

Chief Property Economist Kelvin Davidson says while mortgage rates are falling, and sentiment is improving, it's taking a while for values to pick up again.

The Reserve Bank's forecasting the index will steadily rise - in line with incomes - from next year.