The number of houses, flats and apartments valued under $400,000 in Auckland dropped by a third in the past 12 months.
In some areas the total in that price bracket has more than halved.
Data from CoreLogic's E-Valuer showed that of the 656,500 properties valued in that price bracket across the country, just over 62,000 were in Auckland.
A year ago there were 91,000 in the city - a drop of 32 per cent.
CoreLogic research and analytics director Jonno Ingerson said the drop was most significant in North Shore and Waitakere, where the number of properties in the $400,000 or less price bracket had fallen 55 per cent.