Property Market
5 min read
What's happening with Mackenzie 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 Mackenzie house prices?
The average price of a Mackenzie property is $755,520 (CoreLogic, June 2024).
Mackenzie house prices are up 3.78% over the last three months (REINZ). And they are 4.31% up over the last 12 months.
Quick Facts
- The average price of a Mackenzie property is $755,520 (CoreLogic, November 2024)
- Over the last 3 months property prices in Mackenzie have gone up 3.78%
- Mackenzie property prices increased 8.16% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- The average rent in Mackenzie is $240 per week (Tenancy Services, October 2024)
How are Mackenzie property prices changing?
Mackenzie house prices soared after the Covid-19 pandemic began. House prices started out 31% below the eventual peak of the market.
However, after that peak in January 2023, house prices fell 25.58% before bottoming out in April 2023.
Today, Mackenzie house prices are down 5.22% compared to their peak. That means prices have risen 27.36% since the bottom of the market.
Where is Mackenzie in its property cycle?
At the absolute bottom of its property cycle, Mackenzie was 42.19% undervalued.
Today, property prices in Mackenzie are overvalued 44.68%.
That suggests there is a selling opportunity in Mackenzie.
Mackenzie suburb prices
I track the value of 2 suburbs in Mackenzie. The most expensive suburb is Twizel, which has an average house value of $695,800. While the most affordable suburb is Twizel, which has an average house value of $695,800.
I track the value of just 1 suburb in Mackenzie. It's called Twizel and you can see how the average property value is changing in the graph below.
I track the value of 2 suburbs in Mackenzie. The most expensive suburb is Twizel, which has an average house value of $695,800. While the most affordable suburb is Twizel, which has an average house value of $695,800.
Over the last 24 months of all Mackenzie suburbs (June 2022 - June 2024, Twizel had the slowest-falling house prices. They have gone down -0.07% over that period.
The suburb that fell the fastest over that period was Twizel. Property values in this suburb fell by 0.07% over those 2 years.
What is the Mackenzie rental market like?
Here's how rents are changing in Mackenzie. Over the last four years (October 2020 - October 2024) the median rent has gone up $35 a week. That's 4.02% a year (on average).
Over the last 12 months, rents have gone up. They are up 9.09% ($20 a week) year on year.
Are properties selling above or below CV in Mackenzie?
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.