It will make sense to create a method for the DefaultValue something as :
GetDefaultValue(){ return 0.0f; }
As long as methods do not take additional memory per object. On the other side, declaring auto-properties, will always create additional private fields to hold the data, and this will be added on each object you create, so it's not memory efficient.
It is realy a confuzing situation, as looking at this question will see that an auto property will take additional space.
But if you look at Jon Skeet's answer right here, he is saying that 
The size of an individual object is not affected by the number of properties, methods, events etc.
In this case they may have the same effect, you can test it yourself against a large range of objects, but it is more surely to make a method, as it is referenced by all the objects within the method table.