While house values across the country were 7.2 per cent lower at the beginning of the year than a year ago, essentially wiping $100,000 to $200,000 off prices, investment bargains have been scarce.
The biggest fall over that period was in the Wellington region where the average dwelling value fell by just over $200,000 to $928,349 in January from $1,128,708 in March last year.
In Auckland, the average dwelling value is down by $167,443, falling to $1,352,898 in January from $1,520,341 in March last year.
Along with declining property values, investors with mortgages are finding it tough after the increasing number of hurdles put in front of them.
In the past two years they have had to come up with 40 per cent deposits, unless buying a new build, accept low gross rental yields, higher mortgage rates, not to mention tough serviceability tests, increasing compliance costs, removal of interest deductibility, and flattening rents.
But while few and far between, savvy investors are still finding investment opportunities.
Property analysis company CoreLogic's chief economist Kelvin Davidson says anecdotally
