Property Market
5 min read
What's happening with Hurunui house prices?
Council area of Canterbury
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 Hurunui house prices?
The average price of a Hurunui property is $647,788 (CoreLogic, June 2024).
Hurunui house prices are down 2.45% over the last three months (REINZ). And they are 2.17% up over the last 12 months.
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Quick Facts
- The average price of a Hurunui property is $647,788 (CoreLogic, December 2024)
- Over the last 3 months property prices in Hurunui have gone down 2.45%
- Hurunui property prices increased 5.74% per year (on average) in the 20 years between December 2004 - December 2024 (REINZ)
- The average rent in Hurunui is $460 per week (Tenancy Services, November 2024)
How are Hurunui property prices changing?
Hurunui house prices soared after the Covid-19 pandemic began. House prices started out 38% below the eventual peak of the market.
However, after that peak in March 2022, house prices fell 14.27% before bottoming out in May 2022.
Today, Hurunui house prices are down 4.81% compared to their peak. That means prices have risen 13.56% since the bottom of the market.
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Where is Hurunui in its property cycle?
At the absolute bottom of its property cycle, Hurunui was 21.19% undervalued.
Today, property prices in Hurunui are overvalued 8.10%.
That suggests there is a selling opportunity in Hurunui.
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Hurunui suburb prices
I track the value of 4 suburbs in Hurunui. The most expensive suburb is Hanmer Springs, which has an average house value of $811,000. While the most affordable suburb is Cheviot, which has an average house value of $421,600.
I track the value of just 1 suburb in Hurunui. It's called Cheviot and you can see how the average property value is changing in the graph below.
I track the value of 4 suburbs in Hurunui. The most expensive suburb is Hanmer Springs, which has an average house value of $811,000. While the most affordable suburb is Cheviot, which has an average house value of $421,600.
Over the last 24 months of all Hurunui suburbs (June 2022 - June 2024, Cheviot had the fastest-growing house prices. They have gone up 5.07% over that period.
The suburb that fell the fastest over that period was Hanmer Springs. Property values in this suburb fell by 0.87% over those 2 years.
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What is the Hurunui rental market like?
Here's how rents are changing in Hurunui. Over the last four years (November 2020 - November 2024) the median rent has gone up $130 a week. That's 8.66% a year (on average).
Over the last 12 months, rents have gone down. They are down 6.69% ($33 a week) year on year.
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Are properties selling above or below CV in Hurunui?
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 Canterbury.
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 Canterbury property market here.