Latest CoreLogic data shows the property market may have further to fall.
The value of properties across the country weakened last month, down 1.2 percent compared to 0.7 percent the previous month.
Most of the main centres saw larger declines with Auckland dropping three percent, but Wellington was a less extreme drop of 0.6 percent.
Head of Research, Nick Goodall says it brings uncertainty to the market.
He says it could lead to a bit of a slow down in activity, but there are parts of the market that are doing well.
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