What's happening with Waitomo house prices?

Council area of Waikato

Explore Waitomo'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: Laine Moger

Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.

Last Updated: 27 Oct 2024

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What's happening to Waitomo house prices?

The average price of a Waitomo property is $367,714 (CoreLogic, June 2024).

Waitomo house prices are down 3.38% over the last three months (REINZ). And they are 9.38% up over the last 12 months.

Quick Facts

The average price of a Waitomo property is $367,714 (CoreLogic, September 2024)
Over the last 3 months property prices in Waitomo have gone down 3.38%
Waitomo property prices increased 7.50% per year (on average) in the 20 years between September 2004 - September 2024 (REINZ)
The average rent in Waitomo is $410 per week (Tenancy Services, April 2024)

How are Waitomo property prices changing?

Waitomo house prices soared after the Covid-19 pandemic began. House prices started out 38% below the eventual peak of the market.

However, after that peak in March 2023, house prices fell 28.08% before bottoming out in August 2024.

Today, Waitomo house prices are down 12.55% compared to their peak. That means prices have risen 21.60% since the bottom of the market.

Where is Waitomo in its property cycle?

At the absolute bottom of its property cycle, Waitomo was 32.66% undervalued.

Today, property prices in Waitomo are overvalued 17.42%.

That suggests there is a selling opportunity in Waitomo.

Waitomo suburb prices

I track the value of 1 suburbs in Waitomo. The most expensive suburb is Te Kuiti, which has an average house value of $388,650. While the most affordable suburb is Te Kuiti, which has an average house value of $388,650.

I track the value of just 1 suburb in Waitomo. It's called Te Kuiti and you can see how the average property value is changing in the graph below.

Over the last 24 months of all Waitomo suburbs (June 2022 - June 2024, Te Kuiti had the slowest-falling house prices. They have gone down -4.60% over that period.

The suburb that fell the fastest over that period was Te Kuiti. Property values in this suburb fell by 4.60% over those 2 years.

What is the Waitomo rental market like?

Here's how rents are changing in Waitomo.

Over the last 12 months, rents have gone up. They are up 9.33% ($35 a week) year on year.

Are properties selling above or below CV in Waitomo?

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 Waikato.

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 Waikato property market here.