Falls in property prices in the South over the past year were greatest in Dunedin and Invercargill, according to the latest figures from QV Valuations.
They are part of the national trend, as prices continue to fall in most places.
The Taieri Plain and the "southern city" were the two parts of Dunedin showing the greatest decline in property values.
Figures released yesterday show property values in the southern city, for the year to the end of February, were down 11.2% on the corresponding period last year.
For the year to the end of January the decline was 12.5%.
On the Taieri, values were down 11.5% to the end of February compared with a decline of 8.3% for the year to the end of January.
The figures for the central and northern part of Dunedin were -7.6% to the end of February and -5.2% to the end of January and for the peninsula and coastal parts of the city, the figures were -6.7% and -5.5% respectively.
Overall, Dunedin values were down 9.4% in the year to the end of February compared with the national figure of -8.9%.
For QV Valuations in Dunedin, David Paterson said agents were reporting more activity but "this has not yet shown up in increased sales or values".
He considered the trend would continue "for some time yet" but considered affordability had improved significantly in recent months.
In Invercargill the level of decline increased slightly, from 9.1% to 9.2%.
For the wider Auckland metropolitan area values were down 9.4% in February from a year earlier, compared with the 9% decline for the year to January. Comparable figures are Wellington 9.3% and 8.5%, Christchurch 9.1% and 8.8% and Hamilton 10.1% and 10%.
