Property Market
5 min read
What's happening with Wairoa house prices?
Council area of Hawke's Bay
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 Wairoa house prices?
The average price of a Wairoa property is $421,518 (CoreLogic, June 2024).
Wairoa house prices are down 11.43% over the last three months (REINZ). And they are 19.42% down over the last 12 months.
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Quick Facts
- The average price of a Wairoa property is $421,518 (CoreLogic, August 2024)
- Over the last 3 months property prices in Wairoa have gone down 11.43%
- Wairoa property prices increased 5.94% per year (on average) in the 20 years between August 2004 - August 2024 (REINZ)
- The average rent in Wairoa is $200 per week (Tenancy Services, April 2024)
How are Wairoa property prices changing?
Wairoa house prices soared after the Covid-19 pandemic began. House prices started out 53% below the eventual peak of the market.
However, after that peak in January 2023, house prices fell 43.77% before bottoming out in August 2024.
Today, Wairoa house prices are down 43.77% compared to their peak. That means prices have risen 0.00% since the bottom of the market.
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Where is Wairoa in its property cycle?
At the absolute bottom of its property cycle, Wairoa was 36.23% undervalued.
Today, property prices in Wairoa are overvalued 14.38%.
That suggests there is a selling opportunity in Wairoa.
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Wairoa suburb prices
I track the value of 2 suburbs in Wairoa. The most expensive suburb is Mahia, which has an average house value of $. While the most affordable suburb is Mahia, which has an average house value of $.
I track the value of just 1 suburb in Wairoa. It's called Mahia and you can see how the average property value is changing in the graph below.
I track the value of 2 suburbs in Wairoa. The most expensive suburb is Mahia, which has an average house value of $. While the most affordable suburb is Mahia, which has an average house value of $.
Over the last 24 months of all Wairoa suburbs (June 2022 - June 2024, had the slowest-falling house prices. They have gone up 0.00% over that period.
The suburb that grew the slowest over that period was . Property values in this suburb grew by 0.00% over those 2 years.
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What is the Wairoa rental market like?
Here's how rents are changing in Wairoa. Over the last four years (April 2020 - April 2024) the median rent has gone down $-123 a week. That's -11.29% a year (on average).
Over the last 12 months, rents have gone down. They are down 43.66% ($155 a week) year on year.
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Are properties selling above or below CV in Wairoa?
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 Hawke's Bay.
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 Hawke's Bay property market here.