House Prices

Property prices doubled since 2013

Asking prices for houses more than doubled in more than half of the country’s districts over the decade 2013-2022.

Friday, February 24th 2023

New data from shows for the other districts asking prices rose by 50% or higher.

The biggest increases in annual average asking prices in the past decade were in Kawerau, up 293.9% to $494,172; Horowhenua, up 169.2% to $701,884; Northland's Kaipara, up 165.5% to $1,075,074; Rangitikei up 162.6% to $580,463; and South Wairarapa up 162.0% to $1,033,348. chief executive Sarah Wood says the data show property values increase in the long-term.

"Across the board, annual average asking prices have increased in all parts of New Zealand in the past decade, which I think is important to remember amid price falls over the past 12 months.

"Peaks and troughs are normal. But the data tells us we are unlikely to see average asking prices trend downwards in the long run, so those who are seeing a dip in their area shouldn't lose hope, " Wood says.

Popularity soars in the 'Hamptons of New Zealand'

Asking prices have risen steadily in Auckland's districts over the past decade, with wine lovers’ Waiheke having the biggest increase in annual average asking prices since 2013. Up 107.7% to $2,304,037, the island has become a haven for the wealthy from New Zealand and abroad.  

“Known as the 'Hamptons of New Zealand,' Waiheke has soared in popularity as a tourist destination over the past decade. Average asking prices on the island have always sat above those in other areas of the Auckland region, but this gap appears to be growing," says Wood. 

Other notable annual average asking price increases since 2013 include Waitakere City, up 98.3% to $1,121,988;  , Papakura, up 94.1% to $1,028,858; and Auckland City, up 84.8% to   $1,545,953.

Wood says annual average asking prices in all areas of Auckland are above $1 million, but commuter hotspots might offer buyers the best bang for their buck. 

In Waitakere, Papakura and Manukau City, annual average asking prices are about half a million less than Auckland City. 

"Not only do these districts likely offer more affordable options, but if we take the past 10 years of data as an indication, annual average asking prices will likely continue to grow," Wood says. 

Annual average asking price almost four times higher in Kawerau than in 2013

Over the past decade, average asking prices have steadily risen in the Bay of Plenty.

The region's districts all had annual average asking prices more than double since 2013, while mill town, Kawerau, saw its annual average asking price almost quadruple. 

Kawerau remains a more affordable option than other parts of the Bay of Plenty. However, the town has experienced significant peaks and troughs over the past 13 years. 

"Between 2010 and 2014, average asking prices in Kawerau went backwards following the recession. But from 2015 onwards, they start to rise quite steadily, Wood says." 

"It will be interesting to see what happens in the district given the economic climate. Kawerau's annual average asking price actually stayed flat between 2021 and 2022, so it could be that the district is already experiencing the impacts of a downturn."

The districts with the highest annual average asking prices in the Bay of Plenty region were Western Bay of Plenty and Tauranga which both sat above $1 million in 2022. 

Prices go up down south

With an increase of 157.0%, annual average asking prices in South Waikato grew more than any other district in the Waikato region compared to 2013.

This was followed by the Hauraki district, which had 142.9% growth in its annual average asking price in 2022 compared to 2013. 

Growth has been steady in most districts throughout the Waikato in the past decade.

Wood says the growth to annual average asking prices outside the main centre of Hamilton reflects the labour market in the region, dominated by industries like manufacturing and agriculture.

"It is quite different to the Auckland region where the highest annual average asking prices are in Auckland City because that is where most people live and work."

Compared to 2013, annual average asking prices increased by 138.3% in Otorohanga, 133.6% in Waipa, 132.6% in Waikato, 125.8% in Matamata-Piako, 120.4% in Hamilton City, and 84.6% in Waitomo. 

Significant price rises in the capital compared to 10 years ago

Compared to 2013, average asking prices were up across the board in all Wellington districts last year.

The Kapiti Coast had the biggest lift for the region over 10 years - up 121.2% to $969,985. This was followed by Upper Hutt and Lower Hutt, where prices increased by 112.6% and 111.5%, respectively. 

Annual average asking prices in all districts in the Wellington region now sit closer to $900,000, compared to about $400,000 just 10 years ago.

However, year-on-year, the increases are less marked. Kapiti, Upper Hutt City and Lower Hutt City had annual average asking prices drop last year compared to 2021 - down 1.5%, 5.3%, and 1.5%, respectively.

"Wellington was in a buyer's market for nine months of 2022, and this easing of demand also saw prices ease in response," Wood says. 

Steady growth but prices still modest compared to Auckland

While perhaps not the biggest growth area in the country, the Canterbury region has had steady growth in annual average asking prices since 2013. The largest increase since 2013 was in Mackenzie, where annual average asking prices rose 128.2% to $867,214 in a decade. 

Waimate and Hurunui also had strong growth compared to 10 years ago, up 83.7% and 80.2%, respectively. 

"The impact of the Canterbury earthquakes can still be seen in the region. The rebuild efforts led to an oversupply of homes in Canterbury, which has impacted average asking prices as supply has exceeded demand,” Wood says. 

"Interestingly, average asking prices in the country’s second biggest city of Christchurch generally sit well below those in Auckland."

In 2022, the annual average asking price in Christchurch city was $767,108 compared to $1,545,953 in Auckland City.  

Annual average asking prices top central city prices

With some of the most luxurious listings in the country, the Central Otago/Lakes region has had average asking prices lift considerably in the past 10 years.

For example, central Otago and Wanaka more than doubled their annual average asking prices, increasing 130% and 117%, respectively. While long-time holiday hotspot Queenstown had annual average asking prices increase by 90% since 2013. 

"These districts often have higher average asking prices than the main centres,” Wood says.

“This differs from most overseas markets where the highest prices are usually in or near main commercial hubs.”

The annual average asking price in Wanaka last year was $1,966,673, which was $323,472 more than Auckland City.


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