The property market is varying between regions

Latest Real Estate Institute figures show nationwide, median residential property prices decreased 1.8 percent annually to 810-thousand-dollars.

But excluding Auckland, they increased 4.5 percent annually to 720-thousand.

Chief Executive Jen Baird says big markets like Auckland and Wellington face decreases - but it's a different story elsewhere.

She says there's price growth in places like Taranaki, which is up 15.9 percent, Nelson, up 16.3 percent - and Canterbury.