Property Market
What is the average house price in New Zealand?
Find out the average house prices by council area in New Zealand in 2024. Here's everything you need to know including what factors make house values go up.
Property Market
7 min read
How is the Waikato property market going?
Everything you need to know about the Waikato Property Market before you buy or invest in property within the Waikato region. Data. House prices. Analysis.
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, holds a Bachelor of Communication (Honours) from Massey University.
Waikato's median house price is $760,000
Waikato
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As at September 2024, the median house price in Waikato is $760,000. This is up from $325,000 10 years earlier. That means that the median Waikato property increased in value by 8.87% each year, or $43,500 on average.
The most expensive suburb in Waikato is Pauanui, which has a median house price of $1,509,900 and is located in the Thames-Coromandel District district. That means that Pauanui's median house price is 199% of Waikato’s median.
The least expensive suburb in Waikato is Te Kuiti, which has a median house price of $388,650 and is located in the Waitomo District district. That means that Te Kuiti's median house price is 51% of Waikato’s median.
Over the last 24 months (Sep 2022 - Sep 2024), Mangakino had the fastest-growing house prices in all of Waikato, at -1% per year.
The suburb that grew the slowest over that period was Tairua, which grew at a rate of -10% per year.
Waikato's house price is 6.74% above its long term average
Is Waikato over or undervalued?
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Waikato house prices look relatively expensive compared to where we'd expect them to be.
In the above graph, when the purple line is below the baseline (black line), Waikato's house values are undervalued. This suggests there is a buying opportunity in the region.
When Waikato’s house values are above the baseline, other regions have buying opportunities.
How is this calculated? Click on the accordions below to find out.
More from Opes Partners:
- How is the Hamilton property market going? (Article)
- Northland property market (Article)
- What's happening in the Auckland property market? (Article)
Where do house prices grow the fastest in the Hamilton property market?
This map lets you find out for yourself.
Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.
The redder the area ... the quicker house prices have grown in that suburb.
Which Hamilton suburbs have the highest yields?
Gross yields vary widely depending on which suburb you chose to investigate.
So, which suburbs in the Hamilton property market have the highest gross rental yields?
Navigate the map to find the suburbs where houses produce the most cash for their investors.
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.
Where are the most affordable properties in Waikato?
The map below depicts which districts within the Waikato Region have the most and least affordable house prices (REINZ, September 2024).
The darker the district, the more expensive the median house price for that area.
The Thames-Coromandel District is the most expensive district within the Waikato Region, with properties reaching a median price of $970,000 in September 2024.
By comparison, the Waitomo District is the most affordable, with a median house price of just $305,000. That's a $665,000 difference compared to Thames-Coromandel District.
Where are house prices most over and undervalued within the Waikato region?
This map shows a breakdown of how over or under-valued each council area is right now in the Waikato property market. These figures are calculated exactly the same way as the HPI based graph in the above section.
South Waikato District appears to be the most overvalued area in Waikato. House prices there are about 28.86% above where we would usually expect them to be over the long term.
Hamilton City, on the other hand, appears to be the most undervalued in Waikato. House prices in this district appear to be 2.26% below where we would expect them to be.
This means that we've got greater confidence that Hamilton City house prices will increase faster over the next 5-10 years compared to South Waikato District.
Which part of Waikato gets the highest population growth?
The map below illustrates the projected population growth for each district within the Waikato Region over the next 25 years (2023 - 2048).
The darker the district, the more the population is predicted to expand in that area.
Over this period, Waikato district is expected to see the most growth of all the council areas within the region. 43.50% in total.
By contrast, Waitomo district is expected to shrink by -2.78% over the same timeframe.
How are Waikato's house prices changing right now?
Waikato's capital growth rate
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The above graph shows how quickly house prices have increased or decreased over the previous 12 months. This is also known as ‘capital growth’.
So does this show how the property market is going right now?
Yes and no.
It shows how expensive properties are today compared to 12 months ago.
While this will give us a good sense of how property values have changed, it’s not the only thing to consider.
You might also look at how quickly property values are going up (or down) from month to month, the number of property sales and how quickly properties are selling.
What is the median rent in Waikato?
Waikato's median rent
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The above graph shows the median rent within a given month.
The data comes from the Ministry of Business Innovation and Employment (MBIE) and is provided through their Tenancy Services website.
Their data is based on all the rental bonds lodged by private landlords within the month.
What is the annual increase in rents in Waikato?
Waikato's annual increase in rents
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This graph shows the annual growth in median rents.
The data also comes from the Ministry of Business Innovation and Employment (MBIE).
How many listings are currently available in Waikato?
Waikato's current listings (Housing stock)
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This graph shows current property listings, with data sourced from realestate.co.nz.
It shows the number of listings that are currently available on the website per month.
You might be wondering: “How do the number of listings impact house prices?”
If many listings are available, then people will think there is lots of supply. This means that people feel like they can take their time choosing a property.
This leads to less competition and softer house prices.
On the other hand, if there aren’t many listings available, people will feel like there is a shortage of houses. This leads to FOMO (fear of missing out).
This makes people more competitive and more likely to bid up house prices.
How many properties are sold per year in Waikato?
Waikato – Number of properties sold per year
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The above graph shows the total number of properties sold over the prior 12 months. For example, if looking at the data for August 2023, the graph will show all the sales between September 2022 – August 2023.
The data comes from the REINZ Market Insights Report and The Real Estate Institute of New Zealand (REINZ) collects data directly from agents.
You might be wondering: “How does the volume of sales impact house prices?”
They don’t impact house prices on their own. But a high number of sales represents a hot property market.
That’s because there are a lot of people out there buying property.
That’s why when sales volumes are high, property prices typically increase at the same time.
When property sales are falling, typically, property prices are also soft.
Hamilton City suburb prices
Hamilton
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Hamilton City is made up of 35 suburbs. The most expensive suburb is Harrowfield, which has an average house value of $1,079,650. While the most affordable suburb is Bader, which has an average house value of $589,650.
Over the last 24 months of all the Hamilton City suburbs (Sep 2022 - Sep 2024), Forest Lake had the fastest-growing house prices at -1.45% per year.
The suburb that grew the slowest over that period was Hamilton Central, which grew at a rate of -5.48% per year.
Thames-Coromandel District suburb prices
Thames-Coromandel
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Thames-Coromandel District is made up of 16 suburbs. The most expensive suburb is Pauanui, which has an average house value of $1,509,900. While the most affordable suburb is Thames, which has an average house value of $681,200.
Over the last 24 months of all the Thames-Coromandel District suburbs (Sep 2022 - Sep 2024), Matarangi had the fastest-growing house prices at -2.27% per year.
The suburb that grew the slowest over that period was Tairua, which grew at a rate of -10.12% per year.
Hauraki District suburb prices
Hauraki
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Hauraki District is made up of 7 suburbs. The most expensive suburb is Ngatea, which has an average house value of $671,800. While the most affordable suburb is Paeroa, which has an average house value of $541,500.
Over the last 24 months of all the Hauraki District suburbs (Sep 2022 - Sep 2024), Paeroa had the fastest-growing house prices at -3.81% per year.
The suburb that grew the slowest over that period was Ngatea, which grew at a rate of -4.44% per year.
Matamata-Piako District suburb prices
Matamata-Piako
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Matamata-Piako District is made up of 3 suburbs. The most expensive suburb is Morrinsville, which has an average house value of $727,400. While the most affordable suburb is Te Aroha, which has an average house value of $631,100.
Over the last 24 months of all the Matamata-Piako District suburbs (Sep 2022 - Sep 2024), Morrinsville had the fastest-growing house prices at -3.10% per year.
The suburb that grew the slowest over that period was Matamata, which grew at a rate of -4.45% per year.
Otorohanga District suburb prices
Otorohanga
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Otorohanga District is made up of 2 suburbs. The most expensive suburb is Otorohanga, which has an average house value of $488,250. While the most affordable suburb is Otorohanga, which has an average house value of $488,250.
Over the last 24 months of all the Otorohanga District suburbs (Sep 2022 - Sep 2024), Otorohanga had the fastest-growing house prices at -4.66% per year.
The suburb that grew the slowest over that period was Otorohanga, which grew at a rate of -4.66% per year.
South Waikato District suburb prices
South Waikato
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South Waikato District is made up of 4 suburbs. The most expensive suburb is Tirau, which has an average house value of $573,600. While the most affordable suburb is Tokoroa, which has an average house value of $395,400.
Over the last 24 months of all the South Waikato District suburbs (Sep 2022 - Sep 2024), Arapuni had the fastest-growing house prices at -2.19% per year.
The suburb that grew the slowest over that period was Tokoroa, which grew at a rate of -5.76% per year.
Taupo District suburb prices
Taupo
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Taupo District is made up of 20 suburbs. The most expensive suburb is Kinloch, which has an average house value of $1,220,000. While the most affordable suburb is Turangi, which has an average house value of $456,400.
Over the last 24 months of all the Taupo District suburbs (Sep 2022 - Sep 2024), Mangakino had the fastest-growing house prices at -1.09% per year.
The suburb that grew the slowest over that period was Kuratau, which grew at a rate of -5.11% per year.
Waikato District suburb prices
Waikato District
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Waikato District is made up of 13 suburbs. The most expensive suburb is Buckland, which has an average house value of $1,070,000. While the most affordable suburb is Huntly, which has an average house value of $521,300.
Over the last 24 months of all the Waikato District suburbs (Sep 2022 - Sep 2024), Tamahere had the fastest-growing house prices at -1.20% per year.
The suburb that grew the slowest over that period was Te Kauwhata, which grew at a rate of -6.09% per year.
Waipa District suburb prices
Waipa
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Waipa District is made up of 6 suburbs. The most expensive suburb is Cambridge, which has an average house value of $1,072,400. While the most affordable suburb is Kihikihi, which has an average house value of $684,100.
Over the last 24 months of all the Waipa District suburbs (Sep 2022 - Sep 2024), Ohaupo had the fastest-growing house prices at -2.84% per year.
The suburb that grew the slowest over that period was Te Awamutu, which grew at a rate of -4.10% per year.
Waitomo District suburb prices
Waitomo
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Waitomo District is made up of 1 suburb, Te Kuiti. It has an average house value of $388,650.
Over the last 24 months, (Sep 2022 - Sep 2024), the average Te Kuiti house value increased by -2.33% per year.
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 Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned 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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