Property Market
5 min read
What's happening with Carterton house prices?
Council area of Wellington
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 Carterton house prices?
The average price of a Carterton property is $633,219 (CoreLogic, June 2024).
Carterton house prices are up 5.74% over the last three months (REINZ). And they are 2.98% down over the last 12 months.
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Quick Facts
- The average price of a Carterton property is $633,219 (CoreLogic, November 2024)
- Over the last 3 months property prices in Carterton have gone up 5.74%
- Carterton property prices increased 5.95% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- The average rent in Carterton is $498 per week (Tenancy Services, October 2024)
How are Carterton property prices changing?
Carterton house prices soared after the Covid-19 pandemic began. House prices started out 44% below the eventual peak of the market.
However, after that peak in February 2022, house prices fell 28.72% before bottoming out in July 2024.
Today, Carterton house prices are down 23.14% compared to their peak. That means prices have risen 7.83% since the bottom of the market.
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Where is Carterton in its property cycle?
At the absolute bottom of its property cycle, Carterton was 21.49% undervalued.
Today, property prices in Carterton are overvalued 12.70%.
That suggests there is a selling opportunity in Carterton.
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Carterton suburb prices
I track the value of 1 suburbs in Carterton. The most expensive suburb is Carterton, which has an average house value of $591,850. While the most affordable suburb is Carterton, which has an average house value of $591,850.
I track the value of just 1 suburb in Carterton. It's called Carterton and you can see how the average property value is changing in the graph below.
I track the value of just 1 suburb in Carterton. It's called Carterton and you can see how the average property value is changing in the graph below.
Over the last 24 months of all Carterton suburbs (June 2022 - June 2024, Carterton had the slowest-falling house prices. They have gone down -10.60% over that period.
The suburb that fell the fastest over that period was Carterton. Property values in this suburb fell by 10.60% over those 2 years.
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What is the Carterton rental market like?
Here's how rents are changing in Carterton. Over the last four years (October 2020 - October 2024) the median rent has gone up $118 a week. That's 6.99% a year (on average).
Over the last 12 months, rents have gone down. They are down 9.45% ($52 a week) year on year.
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Are properties selling above or below CV in Carterton?
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 Wellington.
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 Wellington property market here.