Property Market
5 min read
What's happening with Clutha house prices?
Council area of Otago
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 Clutha house prices?
The average price of a Clutha property is $405,849 (CoreLogic, June 2024).
Clutha house prices are up 5.65% over the last three months (REINZ). And they are 5.71% up over the last 12 months.
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Quick Facts
- The average price of a Clutha property is $405,849 (CoreLogic, September 2024)
- Over the last 3 months property prices in Clutha have gone up 5.65%
- Clutha property prices increased 6.66% per year (on average) in the 20 years between September 2004 - September 2024 (REINZ)
- The average rent in Clutha is $400 per week (Tenancy Services, April 2024)
How are Clutha property prices changing?
Clutha house prices soared after the Covid-19 pandemic began. House prices started out 41% below the eventual peak of the market.
However, after that peak in January 2022, house prices fell 19.86% before bottoming out in July 2023.
Today, Clutha house prices are down 4.40% compared to their peak. That means prices have risen 19.30% since the bottom of the market.
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Where is Clutha in its property cycle?
At the absolute bottom of its property cycle, Clutha was 27.97% undervalued.
Today, property prices in Clutha are overvalued 17.67%.
That suggests there is a selling opportunity in Clutha.
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Clutha suburb prices
I track the value of 8 suburbs in Clutha. The most expensive suburb is Balclutha, which has an average house value of $432,000. While the most affordable suburb is Tapanui, which has an average house value of $372,750.
I track the value of just 1 suburb in Clutha. It's called Tapanui and you can see how the average property value is changing in the graph below.
I track the value of 8 suburbs in Clutha. The most expensive suburb is Balclutha, which has an average house value of $432,000. While the most affordable suburb is Tapanui, which has an average house value of $372,750.
Over the last 24 months of all Clutha suburbs (June 2022 - June 2024, Lawrence had the fastest-growing house prices. They have gone up 2.21% over that period.
The suburb that fell the fastest over that period was Milton. Property values in this suburb fell by 6.60% over those 2 years.
What is the Clutha rental market like?
Here's how rents are changing in Clutha. Over the last four years (April 2020 - April 2024) the median rent has gone up $130 a week. That's 10.33% a year (on average).
Over the last 12 months, rents have gone up. They are up 2.56% ($10 a week) year on year.
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Are properties selling above or below CV in Clutha?
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 Otago.
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 Otago property market here.