Housing values are in a holding pattern, with little movement in either direction, according to the QV House Price Index (HPI).

The country’s average dwelling value was $912,406 measured over the three months to April, 0.3% higher than it was at the start of the year, and down 0.2% compared to the same period of last year.

“Average home values remained static in January, dipped by 0.1% in February, were static again in March and then grew by just 0.3% in April,” QV’s latest HPI report says.

“The housing market is essentially in a holding pattern at the moment, with no real sense of urgency from either buyers or sellers, just an abundance of caution,” QV spokesperson Simon Petersen said.

“With very little to suggest that home value growth will suddenly take off anytime soon, or that conditions will drastically improve, it’s likely that most buyers will continue to take their sweet time, shop around and wait for the right opportunity,” Petersen said.

This is especially true while there continues to be no shortage of listings available,” he added.

The lacklustre nature of the market around the country can been gleaned from the headlines of the regional summaries in the QV report, with South Island centres showing a bit more life than the North Island:

Northland: “Home values continue to inch up and down across the Northland Region without conviction.”

Auckland: “Residential property values continue to tread water across the Auckland region…”

Waikato: “Waikato’s average home value was practically cemented into place this quarter…”

Bay of Plenty: “There were small pockets of growth across the Bay of Plenty region…”

Hawke’s Bay: “Home values have moved very little in Napier and Hastings…”

Taranaki: “Home value growth has been modest at best in the Taranaki region…”

Manawatu: “Property values have eased downward again in Palmerston North.

Wellington Region: “Home values have inched downwards across the Wellington Region.”

Nelson/Tasman/Marlborough: Residential property values increased by an average of 1.8% in Marlborough…

West Coast: “The housing market remains relatively steady on the West Coast.”

Canterbury: “Home values remain flat or gently rising across most of the Canterbury region…”

Otago: “Home value growth remains slow and steady…”

Southland: “It’s been a positive start to the year in terms of home value growth…”

The chart below shows average dwelling values by region and their quarterly change.