The latest QV House Price Index shows the average home decreased in value by 3.9 percent over the three months to the end of October, a smaller decline on the 5.4 percent quarterly drop reported at the end of September.
The index also showed a drop in average home values of 9.7 percent in the first 10 months of the year, compared with a 22 percent gain in the year-earlier period.
So what can $1 million buy around the country in the current market?
Auckland
Across the Auckland region, the average property value now sits at $1,348,213, falling 4.4 percent this quarter.
House prices in the Super City have dropped by 11.7 percent in the first 10 months of the year.
A cool $1m can purchase a four-bedroom, two-bathroom home with a 580m² floor plan in the southern suburb of Franklin.
The same property is listed with an RV of $930,000.
Hamilton
Further south, Hamilton has also seen a 10.5 percent decline in property values in the first 10 months of the year.
Home buyers hunting in the Waikato could look to purchase a new build home in the Hamilton suburb of Chartwell for an asking price of $999,999.
For this kind of money, the home includes three bedrooms, two bathrooms sitting on a 172m² floor plan in a 349m² section.
The property's asking price is more than double its listed RV of just $420,000.
Wellington
The Capital city has seen a 17.6 percent decline in property values in the first 10 months of the year - topping the list of main centres.
A real estate agency is asking for enquiries over $1.045 million dollars for a three bedroom, two bathroom home on a 598m² section in the suburb of Brooklyn.
The same property is listed with an RV of $1,470,000.
Nelson
In sunny Nelson, CoreLogic reported a 4.1 percent drop in property values over the last quarter with an average house price of $815,901.
A million dollar property in the city looks like a three bedroom, one bathroom 270m² home sitting on a 806m² section in the suburb of Atawhai.
The property has a listed RV of $930,000.
Christchurch
The CoreLogic House Price Index found Christchurch property values had dropped 2.1 percent in the last quarter, despite an annual increase of 8.1 percent.
In the current market, a million-dollar investment can purchase a four bedroom, two bathroom home in the suburb of Wigram.
The same property is listed with an RV of $690,000.
Queenstown
Queenstown was one of the only exceptions in the nationwide market downturn, with home values increasing 2.9 percent in the third quarter.
Realtors are asking for a price of $990,000 for a house in Queenstown which boasts two bedrooms and two bathrooms on a property with a floor space of 110m².
This contrasts the property's RV of $1,190,000.
Gore
In Gore, a million dollars holds significantly more purchasing power than the main centres with a four bedroom, two bathroom home sitting on a 1.4ha section heading to auction for between $950k-$1m.
The property's RV is listed at $760,000.