Property Market
5 min read
What's happening with Gore house prices?
Council area of Southland
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 Gore house prices?
The average price of a Gore property is $420,107 (CoreLogic, June 2024).
Gore house prices are down 1.92% over the last three months (REINZ). And they are 9.19% down over the last 12 months.
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Quick Facts
- The average price of a Gore property is $420,107 (CoreLogic, November 2024)
- Over the last 3 months property prices in Gore have gone down 1.92%
- Gore property prices increased 7.02% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- The average rent in Gore is $450 per week (Tenancy Services, October 2024)
How are Gore property prices changing?
Gore house prices soared after the Covid-19 pandemic began. House prices started out 37% below the eventual peak of the market.
However, after that peak in May 2022, house prices fell 17.86% before bottoming out in July 2023.
Today, Gore house prices are down 13.37% compared to their peak. That means prices have risen 5.46% since the bottom of the market.
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Where is Gore in its property cycle?
At the absolute bottom of its property cycle, Gore was 25.65% undervalued.
Today, property prices in Gore are overvalued 16.66%.
That suggests there is a selling opportunity in Gore.
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Gore suburb prices
I track the value of 3 suburbs in Gore. The most expensive suburb is Gore, which has an average house value of $455,950. While the most affordable suburb is Mataura, which has an average house value of $256,150.
I track the value of just 1 suburb in Gore. It's called Mataura and you can see how the average property value is changing in the graph below.
I track the value of 3 suburbs in Gore. The most expensive suburb is Gore, which has an average house value of $455,950. While the most affordable suburb is Mataura, which has an average house value of $256,150.
Over the last 24 months of all Gore suburbs (June 2022 - June 2024, East Gore had the fastest-growing house prices. They have gone up 4.02% over that period.
The suburb that fell the fastest over that period was Mataura. Property values in this suburb fell by 9.87% over those 2 years.
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What is the Gore rental market like?
Here's how rents are changing in Gore. Over the last four years (October 2020 - October 2024) the median rent has gone up $140 a week. That's 9.76% a year (on average).
Over the last 12 months, rents have gone up. They are up 9.76% ($40 a week) year on year.
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Are properties selling above or below CV in Gore?
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 Southland.
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 Southland property market here.