Property Market
5 min read
What's happening with Kaikoura 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 Kaikoura house prices?
The average price of a Kaikoura property is $743,390 (CoreLogic, June 2024).
Kaikoura house prices are down 11.28% over the last three months (REINZ). And they are 0.80% up over the last 12 months.
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Quick Facts
- The average price of a Kaikoura property is $743,390 (CoreLogic, November 2024)
- Over the last 3 months property prices in Kaikoura have gone down 11.28%
- Kaikoura property prices increased 4.44% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- The average rent in Kaikoura is $580 per week (Tenancy Services, October 2024)
How are Kaikoura property prices changing?
Kaikoura house prices soared after the Covid-19 pandemic began. House prices started out 50% below the eventual peak of the market.
However, after that peak in May 2023, house prices fell 26.45% before bottoming out in June 2023.
Today, Kaikoura house prices are down 15.82% compared to their peak. That means prices have risen 14.45% since the bottom of the market.
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Where is Kaikoura in its property cycle?
At the absolute bottom of its property cycle, Kaikoura was 25.03% undervalued.
Today, property prices in Kaikoura are overvalued 7.69%.
That suggests there is a selling opportunity in Kaikoura.
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Kaikoura suburb prices
I track the value of 1 suburbs in Kaikoura. The most expensive suburb is Kaikoura, which has an average house value of $732,400. While the most affordable suburb is Kaikoura, which has an average house value of $732,400.
I track the value of just 1 suburb in Kaikoura. It's called Kaikoura and you can see how the average property value is changing in the graph below.
I track the value of just 1 suburb in Kaikoura. It's called Kaikoura and you can see how the average property value is changing in the graph below.
Over the last 24 months of all Kaikoura suburbs (June 2022 - June 2024, Kaikoura had the fastest-growing house prices. They have gone up 10.68% over that period.
The suburb that grew the slowest over that period was Kaikoura. Property values in this suburb grew by 10.68% over those 2 years.
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What is the Kaikoura rental market like?
Here's how rents are changing in Kaikoura.
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Are properties selling above or below CV in Kaikoura?
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.