House prices are holding up despite predictions of gloom and doom during the Covid 19 lockdown

One Roof says nationally, property values are down just one percent since the start of the crisis - with 12 of the 15 major regions showing declines.

Property commentator Ashley Church says the low housing stock is only one factor in stable prices.

He says there's no crisis with North Shore down only 3.8 percent as the worst performer in Auckland

Queenstown has taken the biggest hit with an eight percent drop, but Bay of Plenty, Southland and Waikato have seen small rises.