Property values show hint of stabilisation: QV

April's result marked the first month-on-month improvement since September 2007, according to QV Valuations.

The average sale price fell to $372,981 last month from $378,399 in March, which QV said reflected more sales being made at the lower end of the market.

"Recent stabilisation of property values in many areas suggests that we may be near the bottom of the market," said Blue Hancock, spokesman for QV Valuations.

"We expect values to remain relatively flat over the winter months, although the threat of rising unemployment may affect an increasing number of homeowners and potential home buyers."