Property Market
What's happening with Thames-Coromandel District's house prices?
Explore Thames-Coromandel District's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs
Property Market
1 min read
What's happening with Far North District's house prices?
Explore Far North District'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: Andrew Nicol
Managing Director, 20+ Years' Experience Investing In Property, Author & Host
What's happening to Far North house prices?
The average price of a Far North property is $706,082 (CoreLogic, May 2024)
Far North house prices are down -0.47% over the last three months (REINZ). And they are 1.61% down over the last 12 months.
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Quick facts
- The average price of a Far North property is $706,082 (CoreLogic, May 2024)
- Over the last 3 months property prices in Far North have gone down -0.47%
- Far North property prices increased 6.06% per year (on average) in the 20 years between May 2004 - May 2024 (REINZ)
- The average rent in Far North is $510 per week (Tenancy Services, April 2023)
How are Far North property prices changing?
Far North house prices soared after the Covid-19 pandemic began. House prices started out 31% below the eventual peak of the market.
However, after that peak in December 2022, house prices fell 5.38% before bottoming out in June 2023.
Today, Far North house prices are down 3.85% compared to their peak. That means prices have risen 1.62% since the bottom of the market.
Far North District's house prices compared to the peak of the market
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Where is Far North in its property cycle?
At the bottom of its property cycle, Far North was 25.35% undervalued. But now prices have caught up.
Today, property prices in Far North are overvalued by 0.99%.
That suggests there is neither a buying or selling opportunity in Far North.
Is Far North District over or undervalued?
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Far North District's suburb prices
Far North District is made up of 23 suburbs. The most expensive suburb is Kerikeri, which has an average house value of $964,950. While the most affordable suburb is Kaikohe, which has an average house value of $356,650.
Over the last 24 months of all the Far North District suburbs (Jun 2022 - Jun 2024), Kawakawa had the fastest-growing house prices at 0.35% per year.
The suburb that grew the slowest over that period was Karikari Peninsula, which grew at a rate of -5.22% per year.
Far North District
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What is the Far North rental market like?
Rents have been steadily increasing in Far North. Over the last four years (April 2020 - April 2024) the median rent has gone up $102 a week. That's 5.74% a year (on average).
Over the last 12 months, rents have gone up. They are up 2.00% ($10 a week) year on year.
Are properties selling above or below CV?
One of the most common questions I get asked is: “Ed, are properties selling above or below the Council Valuation (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.
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 Northland property market here.
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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