Wellington, March 18 NZPA - An indicator of the strength of the property market was last month at its lowest value since June 2008, although still positive.

The Mike Pero Mortgages -- Infometrics property cycle indicator fell to a positive 3.97 in February, from 5.22 in January. The indicator runs from -10 to +10, with +10 showing a strong upturn in the housing market.

Mike Pero Mortgages chief executive Shaun Riley said the latest indicator showed "a definite easing off in the housing market".

The indicator uses Real Estate Institute of New Zealand data on changes on the number of houses sold, changes in prices, and the time taken for houses to sell.

Nationwide, sales volumes were down a seasonally adjusted 3.4 percent in February from January, while the median price was unchanged at $350,000, and an average of 46 days was needed to sell a property, the highest seasonally adjusted level since last June.

Auckland's indicator fell to 5.81 in February from 7.87 in January, Wellington dropped to 4.47 from 7.09, and Canterbury/Westland was down to 0.36 from 2.71.

Central Otago Lakes was the only area in the country where the housing market gained momentum last month, according to the indicator. It went from 0.3 in January to 0.52.