It's been a buyers property market this year, with a downward trend for home values

CoreLogic's 2024 review has found national property values have declined five percent since February, with Auckland and Wellington hard-hit.

First home buyers were behind around 28 percent all homes sold this year - a record high share.

Chief property economist Kelvin Davidson says there's been conflicting factors, leading to an overall subdued market.

He says more recently mortgage rates are falling, but at the same time there's job losses and lots of listings.