Despite pending tax changes and the anticipated rise in the Reserve Bank OCR, there was no real reduction in residential property prices or the number of sales in May.

According to figures released by the Real Estate Institute of New Zealand, the median residential property price nationally dropped to $350,000 in May from $356,000 in April.

The median price in Dunedin City eased to just over $241,000 from $248,000 in April, but was up on the May median last year of $235,000.