There are twice as many properties on the market and the balls now in the buyers court, according to the Real Estate Institute of NZ.
Corelogic's house price index, which measures the changing value of property, rose 0.8 percent last month - a sharp drop on January's 2.1 percent growth rate.
The lowest price growth since September 2020.
Lisa Owen asks Jen Baird from the Real Estate Institute how hard the market's being hit.
