The full Nelson - only one location keeps grip on property values - QV

"Over the last 12 months nationwide values declined gradually through until December before becoming a little more variable in the months since," said QV research director Jonno Ingerson.

"As a result values are now 2% lower than the same time last year, and 5.9% below the market peak of late 2007."

Ingerson said the nationwide leveling was driven largely by a  slight recovery in values in Auckland and Wellington, offsetting continued declines in provincial and rural areas.

However, "these first signs of a possible recovery in values were short lived as both Auckland and Wellington slide back again in March. With the uncertainty created by the Christchurch earthquake, and the low level of sales activity in previous months, it is reasonable to expect that there may be some volatility in the market for a few months."