The heat is steadily seeping out of the country's property market.

A new quarterly overview from Core Logic shows the slowdown of sales activity at the start of the year has flowed through to a decline in property values.

Property values have tumbled for three months in a row to an average of just over $1 million, down 2.3 percent from the peak.

But Core Logic chief property economist Kelvin Davidson says it's important homeowners wanting to sell up don't lose perspective.

He says moving house in a slowdown can sometimes pay off - because the next property may have lost more value, providing an opportunity.

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