Dunedin's housing market has seen a sharp decline in property values over the last month

CoreLogic's House Price Index reveals property values in the city fell by 1 per cent.

Out of New Zealand's main centres, Hamilton is also down 0.9 per cent, while growth in Wellington has moderated significantly - increasing 0.4 per cent.

Head of Research Nick Goodall says Dunedin has been through one of the strongest upswings they've seen in the last few years.

He says the city has reached its peak - and the value isn't there anymore after a major growth period.