The value of Tauranga properties are dropping, with the latest Quotable Value figures showing home values in the city are down three per cent in the past year.

The figures show values have fluctuated in recent months, but are overall in a downward direction.

QV's Tauranga spokesperson Shayne Donovan-Grammer says property values in the city are easing.

'This is the continuation of the pattern over the last 18 months to two years,” says Shayne.

'The market is very subdued with little activity.”

He says there are no indicators that suggest the market will improve in the short to medium term.

'Buyers in this region purchase for capital gain and with that unlikely for quite some time they are understandably cautious.”

The average sales price given on the QV property index for Tauranga is $400, 970. This figure is calculated from sales data from the three months leading up to month being reported.