What's happening with Hamilton house prices?

Council area of Waikato

Explore Hamilton's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs

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.

Last Updated: 21 Dec 2024

Copied

What's happening to Hamilton house prices?

The average price of a Hamilton property is $813,602 (CoreLogic, June 2024).

Hamilton house prices are up 2.94% over the last three months (REINZ). And they are 0.48% up over the last 12 months.

Quick Facts

The average price of a Hamilton property is $813,602 (CoreLogic, November 2024)
Over the last 3 months property prices in Hamilton have gone up 2.94%
Hamilton property prices increased 5.82% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
The average rent in Hamilton is $570 per week (Tenancy Services, October 2024)

How are Hamilton property prices changing?

Hamilton house prices soared after the Covid-19 pandemic began. House prices started out 32% below the eventual peak of the market.

However, after that peak in November 2021, house prices fell 17.24% before bottoming out in May 2023.

Today, Hamilton house prices are down 13.85% compared to their peak. That means prices have risen 4.10% since the bottom of the market.

Where is Hamilton in its property cycle?

At the absolute bottom of its property cycle, Hamilton was 12.97% undervalued.

Today, property prices in Hamilton are undervalued 1.98%.

That suggests there is neither a buying or selling opportunity in Hamilton.

Hamilton suburb prices

I track the value of 35 suburbs in Hamilton. The most expensive suburb is Harrowfield, which has an average house value of $1,094,550. While the most affordable suburb is Bader, which has an average house value of $584,100.

I track the value of just 1 suburb in Hamilton. It's called Bader and you can see how the average property value is changing in the graph below.

Over the last 24 months of all Hamilton suburbs (June 2022 - June 2024, Deanwell had the slowest-falling house prices. They have gone down -0.20% over that period.

The suburb that fell the fastest over that period was Queenwood. Property values in this suburb fell by 11.15% over those 2 years.

What is the Hamilton rental market like?

Here's how rents are changing in Hamilton. Over the last four years (October 2020 - October 2024) the median rent has gone up $120 a week. That's 6.09% a year (on average).

Over the last 12 months, rents have gone up. They are up 5.56% ($30 a week) year on year.

Are properties selling above or below CV in Hamilton?

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 Waikato.

Where do house prices grow the fastest in the Hamilton property market?

Where do house prices go up the fastest in Hamilton?

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 suburbs in the Hamilton property market have the highest yields?

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Hamilton property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

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 Waikato property market here.