Tauranga home values have risen 3.8 per cent year on year and 0.8 per cent over the past three months.

The average value in the city is now $704,183, according to latest QV figures.

The Western Bay of Plenty market fared slightly better, rising 6.8 per cent year on year and 2.2 per cent over the past three months. The average value in the district is now $630,703.

QV Tauranga property consultant Steven Dunn says Tauranga continues to see good interest, "especially for those looking to purchase in the higher price bracket as well as from first home buyers".

'However across the board values appear to have stabilised and we continue to see buyers are taking longer to complete due diligence before purchasing.

'There is still a shortage of listings in Mount Maunganui, especially at the top end of the market, and for properties in the mid to low price bracket there are a good number of listings with plenty of buyers.

'In the Western Bay of Plenty, areas such as Katikati and Te Puke have stabilised with sales numbers still steady and vendors with realistic expectations selling well, but some finding they need to adjust their price expectations.”

Nationwide, residential property values for April increased 7.6 per cent over the past year, while values rose 1.1 per cent over the past three months.

The nationwide average value is now $678,856. When adjusted for inflation the nationwide annual increase drops slightly to 6.4 per cent.