Property Market
5 min read
What's happening with Waimate 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 Waimate house prices?
The average price of a Waimate property is $423,983 (CoreLogic, June 2024).
Waimate house prices are up 10.29% over the last three months (REINZ). And they are 11.21% up over the last 12 months.
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Quick Facts
- The average price of a Waimate property is $423,983 (CoreLogic, September 2024)
- Over the last 3 months property prices in Waimate have gone up 10.29%
- Waimate property prices increased 6.94% per year (on average) in the 20 years between September 2004 - September 2024 (REINZ)
- The average rent in Waimate is $375 per week (Tenancy Services, April 2024)
How are Waimate property prices changing?
Waimate house prices soared after the Covid-19 pandemic began. House prices started out 40% below the eventual peak of the market.
However, after that peak in March 2023, house prices fell 12.53% before bottoming out in September 2023.
Today, Waimate house prices are down 2.73% compared to their peak. That means prices have risen 11.21% since the bottom of the market.
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Where is Waimate in its property cycle?
At the absolute bottom of its property cycle, Waimate was 28.78% undervalued.
Today, property prices in Waimate are overvalued 21.55%.
That suggests there is a selling opportunity in Waimate.
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Waimate suburb prices
I track the value of 1 suburbs in Waimate. The most expensive suburb is Waimate, which has an average house value of $443,700. While the most affordable suburb is Waimate, which has an average house value of $443,700.
I track the value of just 1 suburb in Waimate. It's called Waimate and you can see how the average property value is changing in the graph below.
I track the value of just 1 suburb in Waimate. It's called Waimate and you can see how the average property value is changing in the graph below.
Over the last 24 months of all Waimate suburbs (June 2022 - June 2024, Waimate had the fastest-growing house prices. They have gone up 1.65% over that period.
The suburb that grew the slowest over that period was Waimate. Property values in this suburb grew by 1.65% over those 2 years.
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What is the Waimate rental market like?
Here's how rents are changing in Waimate.
Over the last 12 months, rents have gone down. They are down 13.79% ($60 a week) year on year.
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Are properties selling above or below CV in Waimate?
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.