Property Market
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Property Market
7 min read
How is the Gisborne property market going?
Everything you need to know about the Gisborne Property Market before you buy or invest in the Gisborne region. Data. Analysis. Gisborne House Prices.
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, holds a Bachelor of Communication (Honours) from Massey University.
Gisborne's median house price is $605,500
Gisborne house prices
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As at September 2024, the median house price in Gisborne is $605,500. This is up from $213,000 10 years earlier. That means that the median Gisborne property increased in value by 11.01% each year, or $39,250 on average.
The most expensive suburb in Gisborne is Whataupoko, which has a median house price of $775,850. That means that Whataupoko's median house price is 128% of Gisborneâs median.
The least expensive suburb in Gisborne is Outer Kaiti, which has a median house price of $462,100. That means that Outer Kaiti's median house price is 76% of Gisborneâs median.
Over the last 24 months (Sep 2022 - Sep 2024), Tamarau had the fastest-growing house prices in all of Gisborne, at 0% per year.
The suburb that grew the slowest over that period was Whataupoko, which grew at a rate of -5% per year.
Gisborne's house price is 8.09% above its long term average
Is Gisborne over or undervalued?
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Gisborne house prices look relatively expensive compared to where we'd expect them to be.
In the above graph, when the purple line is below the baseline (black line), Gisborne's house values are undervalued. This suggests there is a buying opportunity in the region.
When Gisborneâs house values are above the baseline, other regions have buying opportunities.
How is this calculated? Click on the accordions below to find out.
More from Opes Partners:
Where do house prices grow the fastest in the Gisborne property market
This map lets you find out for yourself.
Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.
The redder the area ... the quicker house prices have grown in that suburb.
Which Gisborne suburbs have the highest yields?
Gross yields vary widely depending on which suburb you chose to investigate.
So, which suburbs in the Gisborne property market have the highest gross rental yields?
Navigate the map to find the suburbs where houses produce the most cash for their investors.
Are properties selling above or below CV?
One of the most common questions I get asked is: âEd, are properties selling above or below the Council Valuation (CV)?â
Some call it the RV (Rateable Value) or GV (Government Value).
Why do people care? Well, if you go on TradeMe (or another website), youâll almost always see the councilâs valuation for the property.
How fast will Gisborne population grow?
Over the next 25 years (2023 - 2048), Gisborne district's population is expected to grow by 5.19%.
That means Gisborne district's population is expected to grow from 52,000 to 54,700 people. An increase of 2,700.
How are Gisborne's house prices changing right now?
Gisborne's capital growth rate
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The above graph shows how quickly house prices have increased or decreased over the previous 12 months. This is also known as âcapital growthâ.
So does this show how the property market is going right now?
Yes and no.
It shows how expensive properties are today compared to 12 months ago.
While this will give us a good sense of how property values have changed, itâs not the only thing to consider.
You might also look at how quickly property values are going up (or down) from month to month, the number of property sales and how quickly properties are selling.
What is the median rent in Gisborne?
Gisborne's median rent
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The above graph shows the median rent within a given month.
The data comes from the Ministry of Business Innovation and Employment (MBIE) and is provided through their Tenancy Services website.
Their data is based on all the rental bonds lodged by private landlords within the month.
What is the annual increase in rents in Gisborne?
Gisborne's annual increase in rents
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This graph shows the annual growth in median rents.
The data also comes from the Ministry of Business Innovation and Employment (MBIE).
How many listings are currently available in Gisborne?
Gisborne's current listings (Housing stock)
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This graph shows current property listings, with data sourced from realestate.co.nz.
It shows the number of listings that are currently available on the website per month.
You might be wondering: âHow do the number of listings impact house prices?â
If many listings are available, then people will think there is lots of supply. This means that people feel like they can take their time choosing a property.
This leads to less competition and softer house prices.
On the other hand, if there arenât many listings available, people will feel like there is a shortage of houses. This leads to FOMO (fear of missing out).
This makes people more competitive and more likely to bid up house prices.
How many properties are sold per year in Gisborne?
Gisborne â Number of properties sold per year
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The above graph shows the total number of properties sold over the prior 12 months. For example, if looking at the data for August 2023, the graph will show all the sales between September 2022 â August 2023.
The data comes from the REINZ Market Insights Report and The Real Estate Institute of New Zealand (REINZ) collects data directly from agents.
You might be wondering: âHow does the volume of sales impact house prices?â
They donât impact house prices on their own. But a high number of sales represents a hot property market.
Thatâs because there are a lot of people out there buying property.
Thatâs why when sales volumes are high, property prices typically increase at the same time.
When property sales are falling, typically, property prices are also soft.
Gisborne District suburb prices
Gisborne house prices
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Gisborne District is made up of 13 suburbs. The most expensive suburb is Whataupoko, which has an average house value of $775,850. While the most affordable suburb is Outer Kaiti, which has an average house value of $462,100.
Over the last 24 months of all the Gisborne District suburbs (Sep 2022 - Sep 2024), Tamarau had the fastest-growing house prices at 0.34% per year.
The suburb that grew the slowest over that period was Whataupoko, which grew at a rate of -5.13% per year.
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.
Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.
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