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Property values were 4.4% above the same time last January, and 4.3% below the peak of the market in late 2007, according to QV Valuations.
The average sales price across New Zealand increased to $409,807 in January from $404,671 in December.
QV Valuations spokesperson Glenda Whitehead says market activity in January appears to have been patchy.
"Overall, activity was lower than expected, although our valuers are seeing an increase in activity in some sectors of the market and a decrease in others," she says.
A typical increase in listings activity in January appeared to be absent. Check out the values in your area.
The drop may be because more people were being forced to take additional leave this Christmas, and there were also signs of increasing indecision in the market.
"Some of the frantic market activity of 2009, when there were multiple buyers competing for a property, appears to have eased, at least for the time being," says Whitehead.
Values in the Auckland region increased 7.3% on the same time last year, the Wellington area is up 5.7%, and Christchurch up 6.3%.
Values in the other main centres have fluctuated in recent months, but still remain above last year by 3.5% in Hamilton, 0.6% in Tauranga, and 5.0% in Dunedin.
Rotorua is up 3.3%, Napier 5.1%, New Plymouth 7.1%, Wanganui 0.1%, Palmerston North 5.6%, Nelson 3.6%, and Invercargill 4.6%.
Whangarei is the only centre below last year at 3.9%.
Queenstown Lakes is 0.5% above last year and this is the first
time it has shown year-on-year growth since May 2008.
