An expert's advising home owners not to be too concerned over dropping property values

One Roof's Valocity House Value Index shows the average property is worth almost 1.1 million dollars -- a decrease of nearly one percent from three months ago.

The newly released data also shows steep property value drops across most of New Zealand's major cities.

One Roof Editor Owen Vaughan says most properties are returning to where they were at the end of last year.

He says if you were looking at the headlines at that time, people were talking about how expensive house prices were.

The latest Core Logic Data shows the average property value dropped to a similar level of nine percent over the same period.