Western Bay property values are climbing gradually but the rate of growth slowed across the country last month, figures reveal.
Tauranga recorded a 3.8 per cent lift in the year to January to an average value of $439,974, according to state valuer Quotable Value.
But Western Bay again suffered a dip, with average values dropping 0.9 per cent to $402,216. Across the region, values remain well down on the 2007 market peak.
Nationwide, property values increased 9.6 per cent over the past 12 months to $467,499, and are up 12.8 per cent on the 2007 market peak.
Tauranga QV valuer Mairi Macdonald said sales volumes were down in January, which was in keeping with the Reserve Bank's mortgage lending restrictions brought in last October.