Property Market
What is the average house price in New Zealand?
Find out the average house prices by council area in New Zealand in 2024. Here's everything you need to know including what factors make house values go up.
Property Market
2 min read
What's happening with NZ house prices right now?
Get the latest insights on New Zealand’s property markets, including trends, growth areas, and investment opportunities across regions.
Author: Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Reviewed by: Andrew Nicol
Managing Director, 20+ Years' Experience Investing In Property, Author & Host
New Zealand house prices update
The New Zealand property market is a living beast. Year-to-year investors and homeowners see big changes to the market.
That's true both for NZ (as a whole) and for each specific region.
While yearly round-ups are great. Many impatient property investors want to know: “How is the market behaving right now?”
In this article, you'll learn:
- how house prices are changing,
- what's happening with rents and
- who's buying the houses.
- You'll also learn what interest rates are doing.
This is all to keep you informed about what's going on in the property market.
And if you have a question, write your questions or thoughts in the comments section below.
More property market articles from Opes Partners:
How fast are property prices recovering in the New Zealand property market?
Are properties selling above or below CV?
One of the most common questions I get asked is: “Ed, are properties selling above or below the Council Valuation (CV)?”
Some call it the RV (Rateable Value) or GV (Government Value).
Why do people care? Well, if you go on TradeMe (or another website), you’ll almost always see the council’s valuation for the property.
So, people use this as a guide to what the property is worth.
But, sometimes, properties are selling above CV. Other times, properties are selling below CV.
That’s one reason I don’t suggest people pay too much attention to these valuations. After all, they are only updated every 3-ish years. On top of that, they’re just generated by a computer.
But people pay attention to them anyway. So here is a list of every council area, with whether properties are selling above or below CV.
New Zealand – Number of properties sold per year
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How fast will NZ house prices rise in the future?
What is the OCR (official cash rate) in NZ right now?
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Is now a good time to buy a house in NZ?
Now is a good time to buy a house in New Zealand.
Property prices are much lower than they were in 2021, and it is a buyer's market. That means that property buyers have the upper hand.
On top of this, property prices bottomed out in May 2023. We've hit the bottom of the market.
So if you buy a house today, there is less risk that your property's value falls dramatically in the near future.
Disagree with me? Good. Let's have a discussion. Write your questions or thoughts in the comments section below.
Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.
Other Regions
