More than half the houses sold in the Wellington region in the past three months sold for below their rateable value, while the average sale price for the region rose from $436,635 in May to $456,035 in June, according to QV Valuations.

QV spokesman Max Meyers said that values for the region rose 1.1 per cent year-on-year in June, compared with 3.4 per cent growth in May.

But the trend confirmed Wellington was entering a market with declining values.

More than 50 per cent of the properties sold in Wellington, Porirua, Upper Hutt and Lower Hutt were now being offered below the rateable values that were effective in August and September last year.

A correction to the high number of sales and high prices of the past couple of years was to be expected.

"Properties that are both well presented and well located are opening up a bigger price gap on those that are offered with some less attractive features," Mr Meyers said.

Wellington region's property values are also helping to keep national average values in the black as most major cities and towns are on the decline, according to QV Valuations.

National property values gained a meagre 0.1 per cent over the past year, calculated on the three months ending in June.

This was down on the 2.4 per cent growth reported in May.

Hamilton property values declined 2.5 per cent in the past year, down from 0.5 per cent growth in May, and Christchurch home owners took a 0.2 per cent hit, compared with 1.9 per cent growth calculated in May.

Auckland region values fell 1 per cent.

"The long-anticipated correction in the market following the years of boom times is with us," QV valuer Glenda Whitehead said.

Real Estate Institute figures for June made public last week showed house prices were down 5.9 per cent on May, with sales down 14.2 per cent.

Mr Meyers said the falling number of transactions would further affect prices.

Nationally, the median number of days to sell a house rose to 53 from 49 in May and 30 days a year ago.

Property values for New Plymouth, Palmerston North, Nelson, Gisborne and Queenstown Lakes are showing year-on-year decline.

Values in Invercargill, Wanganui, Rotorua and Whangerei are still above last year's values, but continue to fall.