Property Market
5 min read
What's happening with South Wairarapa 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 South Wairarapa house prices?
The average price of a South Wairarapa property is $787,787 (CoreLogic, June 2024).
South Wairarapa house prices are down 2.03% over the last three months (REINZ). And they are 8.64% down over the last 12 months.
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Quick Facts
- The average price of a South Wairarapa property is $787,787 (CoreLogic, December 2024)
- Over the last 3 months property prices in South Wairarapa have gone down 2.03%
- South Wairarapa property prices increased 6.20% per year (on average) in the 20 years between December 2004 - December 2024 (REINZ)
- The average rent in South Wairarapa is $550 per week (Tenancy Services, November 2024)
How are South Wairarapa property prices changing?
South Wairarapa house prices soared after the Covid-19 pandemic began. House prices started out 43% below the eventual peak of the market.
However, after that peak in December 2021, house prices fell 33.26% before bottoming out in December 2024.
Today, South Wairarapa house prices are down 33.26% compared to their peak. That means prices have risen 0.00% since the bottom of the market.
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Where is South Wairarapa in its property cycle?
At the absolute bottom of its property cycle, South Wairarapa was 37.76% undervalued.
Today, property prices in South Wairarapa are overvalued 22.56%.
That suggests there is a selling opportunity in South Wairarapa.
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South Wairarapa suburb prices
I track the value of 4 suburbs in South Wairarapa. The most expensive suburb is Greytown, which has an average house value of $900,650. While the most affordable suburb is Featherston, which has an average house value of $543,100.
I track the value of just 1 suburb in South Wairarapa. It's called Featherston and you can see how the average property value is changing in the graph below.
I track the value of 4 suburbs in South Wairarapa. The most expensive suburb is Greytown, which has an average house value of $900,650. While the most affordable suburb is Featherston, which has an average house value of $543,100.
Over the last 24 months of all South Wairarapa suburbs (June 2022 - June 2024, Greytown had the slowest-falling house prices. They have gone down -12.01% over that period.
The suburb that fell the fastest over that period was Featherston. Property values in this suburb fell by 17.55% over those 2 years.
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What is the South Wairarapa rental market like?
Here's how rents are changing in South Wairarapa. Over the last four years (November 2020 - November 2024) the median rent has gone up $70 a week. That's 3.46% a year (on average).
Over the last 12 months, rents have gone up. They are up 15.79% ($75 a week) year on year.
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Are properties selling above or below CV in South Wairarapa?
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.