What's happening with Western Bay of Plenty house prices?

Council area of Bay of Plenty

Explore Western Bay of Plenty's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs

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.

Last Updated: 3 Feb 2025

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What's happening to Western Bay of Plenty house prices?

The average price of a Western Bay of Plenty property is $988,725 (CoreLogic, June 2024).

Western Bay of Plenty house prices are down 2.30% over the last three months (REINZ). And they are 2.10% up over the last 12 months.

Quick Facts

The average price of a Western Bay of Plenty property is $988,725 (CoreLogic, December 2024)
Over the last 3 months property prices in Western Bay of Plenty have gone down 2.30%
Western Bay of Plenty property prices increased 5.34% per year (on average) in the 20 years between December 2004 - December 2024 (REINZ)
The average rent in Western Bay of Plenty is $600 per week (Tenancy Services, November 2024)

How are Western Bay of Plenty property prices changing?

Western Bay of Plenty house prices soared after the Covid-19 pandemic began. House prices started out 36% below the eventual peak of the market.

However, after that peak in February 2022, house prices fell 18.81% before bottoming out in October 2024.

Today, Western Bay of Plenty house prices are down 14.03% compared to their peak. That means prices have risen 5.89% since the bottom of the market.

Where is Western Bay of Plenty in its property cycle?

At the absolute bottom of its property cycle, Western Bay of Plenty was 19.42% undervalued.

Today, property prices in Western Bay of Plenty are overvalued 9.44%.

That suggests there is a selling opportunity in Western Bay of Plenty.

Western Bay of Plenty suburb prices

I track the value of 10 suburbs in Western Bay of Plenty. The most expensive suburb is Bowentown, which has an average house value of $1,270,800. While the most affordable suburb is Paengaroa, which has an average house value of $740,400.

I track the value of just 1 suburb in Western Bay of Plenty. It's called Paengaroa and you can see how the average property value is changing in the graph below.

Over the last 24 months of all Western Bay of Plenty suburbs (June 2022 - June 2024, Te Puke had the slowest-falling house prices. They have gone down -3.41% over that period.

The suburb that fell the fastest over that period was Pukehina. Property values in this suburb fell by 16.07% over those 2 years.

What is the Western Bay of Plenty rental market like?

Here's how rents are changing in Western Bay of Plenty. Over the last four years (November 2020 - November 2024) the median rent has gone up $132 a week. That's 6.41% a year (on average).

Over the last 12 months, rents have gone up. They are up 3.45% ($20 a week) year on year.

Are properties selling above or below CV in Western Bay of Plenty?

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.