The QV report reveals median values for property sales for the three months ended June 31, 2011 compared to the same period three years ago.
For the same period in 2008, the median price was $360,000. The report indicates good news for Waikato property owners in Queenwood, Otorohanga, Putaruru, Paeroa and Matarangi, where prices rose significantly in the three months ended June 31, 2011 compared to the same period three years ago.
Other areas including Silverdale in Hamilton, Te Kuiti, Turangi, Ngaruawahia and Te Aroha took the biggest tumble based on median sales price.
Ray White Hamilton general manager Carl Glasgow said the decline of the median prices in some areas could be from lower-value homes selling more readily as first home buyers returned to the market. Investors were also slowly edging back in.
Hamilton agencies were baffled that the popular Beerescourt had recorded the biggest drop in the city and attributed it to the market's small size skewing the median figures. They were less surprised Silverdale had recorded the second biggest fall of 30.8 per cent.
"I think there's probably been a little bit of a glut of properties on the market in that Silverdale/Hillcrest area for investment and there's probably been a lot of properties vacant in the last 12 months," Mr Glasgow said.
"We sort of feel that we've hit the bottom and we are starting to bounce back now. We don't expect a huge amount of inflation in the coming years but there will be inflation."
The number of listings on the market had also fallen from 1320 in the city to 1000, according to figures provided by Lodge Real Estate, but there was still plenty of stock.
More houses were selling in Rototuna than anywhere else in the city, followed by Hillcrest and then Nawton.
But Mr Glasgow noted a lot of interest from sellers and expected the traditional spring high to start showing next month after tidying up of properties before listing.
Properties in north Hamilton continued in demand, and he said this had been helped by the increase in services at The Base and having two supermarkets in Te Rapa.
Harcourts Hamilton general manager Brian King noted a lot of competition for properties in established areas such as Hillcrest, Queenwood and Chedworth. "They are getting looked at very quickly. In the northeastern side of the market, there is a lot on the market, but some of those established areas are coming back into vogue."
The rest of Waikato also experienced peaks and troughs.
Richardsons Real Estate agent in Paeroa, Carole Reddish, was not surprised Paeroa's median house value had grown by 28 per cent. She said the town's central location was drawing in Auckland retirees.
Other winners during the three years were Otorohanga (property values up 33.3 per cent) and Putaruru (up 20.9 per cent).
Coromandel's coastal areas have also seen a dip between 4 and 10 per cent, with Matarangi bucking the trend with a 15.1 per cent rise compared to three years ago.
Richardson Real Estate principal Neil Christie said it showed the market was adjusting, and people were willing to meet the market.
Richardsons, which has 12 offices in Coromandel, was starting to sell sections and houses over the million-dollar mark - a sign he took that the market was picking up.
He said the bulk of the sales hovered between $400,000 and $500,000.
"We've got some very motivated vendors - people willing to meet the market - and [in] each of our areas we've got very willing buyers."
YOUNG COUPLE TAKE ADVANTAGE OF SLOWDOWN
A dip in real estate figures has given a Hamilton couple a welcome step on to the property ladder.
After a year of trawling through Trade Me and property pages, Nicola Patterson and Aaron Williams realised the dream of owning their first home.
To their surprise, an offer of more than $50,000 below the asking price was accepted on a Hillcrest house.
It was the second time they had made an offer on a house after being outbid by an out-of-town couple trumping them with an offer of $10,000 more than the listed price.
Miss Patterson, 24, said she and her boyfriend, 25, had spent a year house-hunting on a $350,000 budget.
The former Hillcrest High School students signed off on a three-bedroom, two-bathroom "do-up" last week and can't wait to move in.
"A lot of the houses we've been going for are worst house best street mentality. The house we've purchased now is definitely that case and we would like to shine it up around the edges and make it all brand new."
In sought-after areas like Hillcrest, which after Rototuna is the second highest selling area, the couple said some houses were overpriced.
"The big thing for us was what do we know and Hillcrest was a no brainer because we know the area very well, we know what to expect, we feel safe there.
"Some people did have quite high expectations. When we first saw the house we've purchased Aaron and I went 'no way it's too expensive, we are not prepared to want to pay that much'."
The house was originally on the market for $380,000 but a valuation priced it at $340,000, giving them more leverage during the negotiations.
The young couple is now looking forward to getting the keys and paying their own mortgage rather than their landlord's.
"We've been renting for what feels to be a long time now and it is dead money. The thing I think we are both really looking forward to is having something we can call our own home."
GOING UP
* Queenwood
* Otorohanga
* Putaruru
* Paeroa
* Matarangi
GOING DOWN
* Silverdale
* Te Kuiti
* Turangi
* Ngaruawahia
* Te Aroha
