Latest figures from QV show Tauranga home values have increased 5.4 per cent year on year, but decreased 0.6 per cent over the past three months.

Values here are now 42.7 per cent higher than the previous peak of 2007.

The average value in the city is now $687,241.

The Western Bay of Plenty market increased 5.2 per cent year on year and 1.6 per cent over the past three months and the market is now 39.3 per cent higher than the previous peak of 2007.

The average value in the district is now $627,634.

QV Tauranga registered valuer David Hume says many buyers and sellers were taking a wait and see approach until after the election.

'This means we haven't seen the usual spring surge in the market. The Mount Maunganui market is still going strong with high levels of demand and record sales prices still being achieved.

'There has been solid demand from first home buyers in areas such as Greerton where renovated three bedroom homes on half sites are now selling for $550,000, up from around $450,000 a year ago.

'This is partly driven by the area's fringe CBD location and close proximity of the ever growing commercial/retail hub in Tauriko.”

He says in the Western Bay of Plenty, lifestyle properties remain in strong demand from buyers looking for better ‘bang for their buck' in terms of what they can buy further out than in Tauranga.

'It's been a slower start to spring than usual with activity being hampered by an unusually wet spring and with the election result taking a while to be decided,” says David.

'We are no longer seeing the frantic buying seen during 2015 and 2016 but people are still achieving good sales prices it's just values are no longer rising at the rate they were previously.”

Growth continues to slow nationwide, while Auckland has seen negative annual value growth for the first time in six years.