Property Market
5 min read
What's happening with Horowhenua house prices?
Council area of Manawatu-Wanganui
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 Horowhenua house prices?
The average price of a Horowhenua property is $566,793 (CoreLogic, June 2024).
Horowhenua house prices are down 1.73% over the last three months (REINZ). And they are 4.38% down over the last 12 months.
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Quick Facts
- The average price of a Horowhenua property is $566,793 (CoreLogic, November 2024)
- Over the last 3 months property prices in Horowhenua have gone down 1.73%
- Horowhenua property prices increased 6.86% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- The average rent in Horowhenua is $530 per week (Tenancy Services, October 2024)
How are Horowhenua property prices changing?
Horowhenua house prices soared after the Covid-19 pandemic began. House prices started out 36% below the eventual peak of the market.
However, after that peak in December 2021, house prices fell 24.56% before bottoming out in June 2024.
Today, Horowhenua house prices are down 22.19% compared to their peak. That means prices have risen 3.15% since the bottom of the market.
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Where is Horowhenua in its property cycle?
At the absolute bottom of its property cycle, Horowhenua was 27.92% undervalued.
Today, property prices in Horowhenua are overvalued 15.85%.
That suggests there is a selling opportunity in Horowhenua.
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Horowhenua suburb prices
I track the value of 10 suburbs in Horowhenua. The most expensive suburb is Ohau, which has an average house value of $891,050. While the most affordable suburb is Shannon, which has an average house value of $424,550.
I track the value of just 1 suburb in Horowhenua. It's called Shannon and you can see how the average property value is changing in the graph below.
I track the value of 10 suburbs in Horowhenua. The most expensive suburb is Ohau, which has an average house value of $891,050. While the most affordable suburb is Shannon, which has an average house value of $424,550.
Over the last 24 months of all Horowhenua suburbs (June 2022 - June 2024, Foxton had the slowest-falling house prices. They have gone down -6.61% over that period.
The suburb that fell the fastest over that period was Shannon. Property values in this suburb fell by 11.56% over those 2 years.
What is the Horowhenua rental market like?
Here's how rents are changing in Horowhenua. Over the last four years (October 2020 - October 2024) the median rent has gone up $135 a week. That's 7.63% a year (on average).
Over the last 12 months, rents have gone up. They are up 10.42% ($50 a week) year on year.
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Are properties selling above or below CV in Horowhenua?
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 Manawatu-Wanganui.
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 Manawatu-Wanganui property market here.