It's thought a shift in how young people invest - is altering the housing market

The Real Estate Institute's House Price Index is down 0.4 percent in the last year.

Wellington and Auckland's index is down - but the region's are rising with Canterbury's up 2.6 percent, and Otago 2.5 percent - to a new record high.

REINZ Chief Executive, Lizzy Ryley says people are more confident, active and changing their reasons for buying.

She says younger people and new buyers are looking to spread their investments elsewhere.