How is the West Coast property market going?

West Coast's median house price is $390,000

As at September 2024, the median house price in West Coast is $390,000. This is up from $195,000 10 years earlier. That means that the median West Coast property increased in value by 7.18% each year, or $19,500 on average.

The most expensive suburb in West Coast is Moana, which has a median house price of $770,200 and is located in the Grey District district. That means that Moana's median house price is 197% of West Coast’s median.

The least expensive suburb in West Coast is Runanga, which has a median house price of $277,100 and is located in the Grey District district. That means that Runanga's median house price is 71% of West Coast’s median.

Over the last 24 months (Sep 2022 - Sep 2024), Cobden had the fastest-growing house prices in all of West Coast, at 12% per year.

The suburb that grew the slowest over that period was Kaniere, which grew at a rate of 2% per year.

West Coast's house price is 4.42% below its long term average

West Coast house prices look relatively cheap compared to where we'd expect them to be.

In the above graph, when the purple line is below the baseline (black line), West Coast's house values are undervalued. This suggests there is a buying opportunity in the region.

When West Coast’s house values are above the baseline, other regions have buying opportunities.

How is this calculated? Click on the accordions below to find out.

Where are the most affordable properties in West Coast?

The map below depicts which districts within the West Coast 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 Westland District is the most expensive district within the West Coast Region, with properties reaching a median price of $515,000 in September 2024.

By comparison, the Buller District is the most affordable, with a median house price of just $360,000. That's a $155,000 difference compared to Westland District.

Where are house prices most over and undervalued within the West Coast region?

This map shows a breakdown of how over or under-valued each council area is right now in the West Coast property market. These figures are calculated exactly the same way as the HPI based graph in the above section.

Westland District appears to be the most overvalued area in West Coast. House prices there are about 3.31% above where we would usually expect them to be over the long term.

Buller District, on the other hand, appears to be the most undervalued in West Coast. House prices in this district appear to be 5.89% below where we would expect them to be.

This means that we've got greater confidence that Buller District house prices will increase faster over the next 5-10 years compared to Westland District.

Which part of West Coast gets the highest population growth?

The map below illustrates the projected population growth for each district within the West Coast 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, Grey district is expected to see the most growth of all the council areas within the region. -5.28% in total.

By contrast, Buller district is expected to shrink by -15.39% over the same timeframe.

Buller District suburb prices

Buller District is made up of 4 suburbs. The most expensive suburb is Reefton, which has an average house value of $371,100. While the most affordable suburb is Westport, which has an average house value of $347,400.

Over the last 24 months of all the Buller District suburbs (Sep 2022 - Sep 2024), Reefton had the fastest-growing house prices at 5.19% per year.

The suburb that grew the slowest over that period was Westport, which grew at a rate of 2.68% per year.

Grey District suburb prices

Grey District is made up of 8 suburbs. The most expensive suburb is Moana, which has an average house value of $770,200. While the most affordable suburb is Runanga, which has an average house value of $277,100.

Over the last 24 months of all the Grey District suburbs (Sep 2022 - Sep 2024), Cobden had the fastest-growing house prices at 12.01% per year.

The suburb that grew the slowest over that period was Paroa, which grew at a rate of 4.79% per year.

Westland District suburb prices

Westland District is made up of 2 suburbs. The most expensive suburb is Kaniere, which has an average house value of $502,900. While the most affordable suburb is Hokitika, which has an average house value of $444,100.

Over the last 24 months of all the Westland District suburbs (Sep 2022 - Sep 2024), Hokitika had the fastest-growing house prices at 3.75% per year.

The suburb that grew the slowest over that period was Kaniere, which grew at a rate of 2.48% per year.