Real Estate Institute (REINZ) figures for October show median prices in Auckland fell by 3.2 per cent year on year to $850,000 - the biggest fall since December 2010.

The only other region across the country to experience a fall in the median price year-on-year, was Nelson, which saw a decrease of 6.8 per cent to $447,500 - the biggest drop since April 2012.

Every other region in New Zealand rose taking the median house price for New Zealand, excluding Auckland, to a record price of $440,000 (an 8.5 per cent increase).

"The Auckland Region's decrease of 3.2% year-on-year is predominantly the result of a large number of apartments being sold in the old Auckland City boundary which has therefore brought the median price down for the entire region," said Bindi Norwell, CEO at REINZ. "Auckland City's median fell by 17 per cent to $850,000 the lowest price it's been for 16 months."

Norwell noted that the REINZ House Price Index (HPI) for Auckland City decreased 0.8 per cent year-on-year, whereas the median for the same period fell by 17 per cent. This is because the HPI considers the mix and value of the property sold, not just the sales price," she said.

The volume of sales also remains subdued.

The number of properties sold across New Zealand was down 16 per cent year-on-year to 5,689.

Volumes for New Zealand, excluding Auckland, were down 14 per cent year-on-year to 4,057 and Auckland's sales count was down 21 per cent to 1,632.

The median number of days to sell a property nationally increased by 2 days (from 32 to 34) when compared to October 2016.