The national picture of gradually increasing property values is not being reflected in the South.
Totalled across the regions, monthly property values calculated by QV Valuations have been rising since the start of the year. Last month, values were 1.2% above the October figure a year ago and 4.4% below the market peak in 2007.
QV's figures are calculated using sales data from the three months leading up to the month being reported.
However, most of the improvement has been in Auckland, the October information shows, with a significant increase also reported in those parts of Christchurch and Canterbury unaffected by the earthquakes.
In the South, property values last month in Dunedin, Central Otago, Queenstown Lakes, Clutha, Southland, Gore and Invercargill were all worse than a year ago. Central Otago had the greatest decline, -5.5%, with Dunedin down 2.4% and Queenstown Lakes dropping 1.2%.
Within Dunedin, the suburb showing the greatest decline over the past year was South Dunedin, with -3.5%. Taieri was the best performed area, with values 1.4% below a year ago.
The only area in the South to record a positive year-on-year result was Waitaki, with a 0.7% increase.
Dunedin property values last month were 6.8% below the market peak of July 2007, QV Valuations Dunedin valuer Tim Gibson said.
The Dunedin real estate market was starting to gain traction and values had started to show a "slow increase" over the past three months, he said. A major factor was the reported shortage of listings in some price brackets, a factor which was often causing two or more parties to negotiate more aggressively for a property.
However, listings overall were still about half what they were when the market peaked.
Mr Gibson said the true test of the market would come if new-listing volumes increased to "a more traditional level".
