Property Market
5 min read
What's happening with Opotiki house prices?
Council area of Bay of Plenty
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: Laine Moger
Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.
What's happening to Opotiki house prices?
The average price of an Opotiki property is $498,539 (CoreLogic, June 2024).
Opotiki house prices are up 0.63% over the last three months (REINZ). And they are 8.32% up over the last 12 months.
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Quick Facts
- The average price of an Opotiki property is $498,539 (CoreLogic, November 2024)
- Over the last 3 months property prices in Opotiki have gone up 0.63%
- Opotiki property prices increased 7.05% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- The average rent in Opotiki is $425 per week (Tenancy Services, October 2024)
How are Opotiki property prices changing?
Opotiki house prices soared after the Covid-19 pandemic began. House prices started out 30% below the eventual peak of the market.
However, after that peak in June 2022, house prices fell 32.92% before bottoming out in December 2022.
Today, Opotiki house prices are down 14.00% compared to their peak. That means prices have risen 28.21% since the bottom of the market.
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Where is Opotiki in its property cycle?
At the absolute bottom of its property cycle, Opotiki was 31.68% undervalued.
Today, property prices in Opotiki are overvalued 10.21%.
That suggests there is a selling opportunity in Opotiki.
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Opotiki suburb prices
I track the value of 2 suburbs in Opotiki. The most expensive suburb is Opotiki, which has an average house value of $460,850. While the most affordable suburb is Opotiki, which has an average house value of $460,850.
I track the value of just 1 suburb in Opotiki. It's called Opotiki and you can see how the average property value is changing in the graph below.
I track the value of 2 suburbs in Opotiki. The most expensive suburb is Opotiki, which has an average house value of $460,850. While the most affordable suburb is Opotiki, which has an average house value of $460,850.
Over the last 24 months of all Opotiki suburbs (June 2022 - June 2024, Opotiki had the slowest-falling house prices. They have gone down -3.65% over that period.
The suburb that fell the fastest over that period was Opotiki. Property values in this suburb fell by 3.65% over those 2 years.
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What is the Opotiki rental market like?
Here's how rents are changing in Opotiki. Over the last four years (October 2020 - October 2024) the median rent has gone up $125 a week. That's 9.10% a year (on average).
Over the last 12 months, rents have gone up. They are up 6.25% ($25 a week) year on year.
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Are properties selling above or below CV in Opotiki?
One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (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 even if the seller hasn't advertised a price, you can get a feel for what the property might sell for.
This table shows whether the average property is selling above or below CV across Bay of Plenty.
Other property markets to look into
If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Bay of Plenty property market here.