Property Market
5 min read
What's happening with Waitaki 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 Waitaki house prices?
The average price of a Waitaki property is $489,065 (CoreLogic, June 2024).
Waitaki house prices are up 2.44% over the last three months (REINZ). And they are 3.52% up over the last 12 months.
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Quick Facts
- The average price of a Waitaki property is $489,065 (CoreLogic, September 2024)
- Over the last 3 months property prices in Waitaki have gone up 2.44%
- Waitaki property prices increased 5.85% per year (on average) in the 20 years between September 2004 - September 2024 (REINZ)
- The average rent in Waitaki is $425 per week (Tenancy Services, April 2024)
How are Waitaki property prices changing?
Waitaki 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 March 2022, house prices fell 14.58% before bottoming out in June 2023.
Today, Waitaki house prices are down 9.62% compared to their peak. That means prices have risen 5.80% since the bottom of the market.
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Where is Waitaki in its property cycle?
At the absolute bottom of its property cycle, Waitaki was 24.95% undervalued.
Today, property prices in Waitaki are overvalued 8.73%.
That suggests there is a selling opportunity in Waitaki.
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Waitaki suburb prices
I track the value of 11 suburbs in Waitaki. The most expensive suburb is Weston, which has an average house value of $586,600. While the most affordable suburb is Palmerston, which has an average house value of $415,500.
I track the value of just 1 suburb in Waitaki. It's called Palmerston and you can see how the average property value is changing in the graph below.
I track the value of 11 suburbs in Waitaki. The most expensive suburb is Weston, which has an average house value of $586,600. While the most affordable suburb is Palmerston, which has an average house value of $415,500.
Over the last 24 months of all Waitaki suburbs (June 2022 - June 2024, Palmerston had the fastest-growing house prices. They have gone up 1.39% over that period.
The suburb that fell the fastest over that period was Holmes Hill. Property values in this suburb fell by 8.00% over those 2 years.
What is the Waitaki rental market like?
Here's how rents are changing in Waitaki. Over the last four years (April 2020 - April 2024) the median rent has gone up $165 a week. That's 13.07% a year (on average).
Over the last 12 months, rents have gone up. They are up 3.66% ($15 a week) year on year.
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Are properties selling above or below CV in Waitaki?
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.