OneRoof editor Owen Vaughan said figures from the last six months clearly showed the market was entering a new phase.
"The market as a whole is in a lull and is past its peak. Affordability has become an issue in the main centres, forcing buyers further afield," he said.
"Satellite townships that offer value and an easy commute times are natural places for buyers to look - and the latest CoreLogic figures bear that out."
There had also been more buying and selling activity in the 10 best performing markets compared to the 10 worst performing markets.
In Kawerau, Featherston, Greytown and Martinborough, for instance, 10 per cent of each town's housing stock had changed hands over the past year.
This was likely driven by low starting prices in the towns and better affordability, Davidson said.
Apart from Greytown ($595,950) and Martinborough ($524,000), each of town in the list of 10 best performing markets had a median home value of about $400,000 or less.
Median prices in Invercargill's Clifton are less than $200,000.
"Being brutally frank, the prices had to go up, we were that cheap it was ridiculous," Kawerau mayor Campbell said.
Davidson said the overall picture to emerge from the latest report was one of rising home values across the North Island, except for in Auckland, with "softer trends in the South Island".
TOP 10 SUBURBS
• Kawerau - Home values grew 27.1% from $181,353 one year ago to $230,500 currently
• Featherston - Home values grew 22.1% from $278,378 to $339,900
• Clifton - Home values grew 20.6% from $147,927 to $178,400
• Waitangirua - Home values grew 20.6% from $274,876 to $331,500
• Otematata - Home values grew 20.4% from $246,138 to $296,350
• Cannons Creek - Home values grew 19.9% from $283,653 to $340,100
• Greytown - Home values grew 19.5% from $498,703 to $595,950
• Putaruru - Home values grew 19.3% from $248,030 to $295,900
• Ranui - Home values grew 18.6% from $339,840 to $403,050
• Martinborough - Home values grew 18.6% from $441,821 to $524,000
BOTTOM 10 SUBURBS
• Parau - Home values fell 5.7% from $867,338 one year ago to $817,900 currently
• Laingholm - Home values fell 5.3% from $855,280 to $809,950
• Beckenham - Home values fell 4.6% from $567,662 to $541,550
• Huia - Home values fell 4.4% from $758,996 to $725,600
• Schnapper Rock - Home values fell 4.4% from $1,423,326 to $1,360,700
• Hei Hei - Home values fell 3.5% from $406,995 to $392,750Â
• Islington - Home values fell 3.3% from $381,748 to $369,150Â
• Rakaia - Home values fell 3.1% from $314,654 to $304,900
• Flat Bush - Home values fell 3.1% from $1,070,330 to $1,037,150
• Aranui - Home values fell 2.9% from $303,656 to $294,850
