Property Market
5 min read
What's happening with Buller house prices?
Council area of West Coast
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 Buller house prices?
The average price of a Buller property is $357,802 (CoreLogic, June 2024).
Buller house prices are down 7.84% over the last three months (REINZ). And they are 8.70% down over the last 12 months.
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Quick Facts
- The average price of a Buller property is $357,802 (CoreLogic, December 2024)
- Over the last 3 months property prices in Buller have gone down 7.84%
- Buller property prices increased 4.22% per year (on average) in the 20 years between December 2004 - December 2024 (REINZ)
- The average rent in Buller is $420 per week (Tenancy Services, November 2024)
How are Buller property prices changing?
Buller house prices soared after the Covid-19 pandemic began. House prices started out 49% below the eventual peak of the market.
However, after that peak in December 2022, house prices fell 22.52% before bottoming out in January 2024.
Today, Buller house prices are down 22.50% compared to their peak. That means prices have risen 5.86% since the bottom of the market.
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Where is Buller in its property cycle?
At the absolute bottom of its property cycle, Buller was 31.74% undervalued.
Today, property prices in Buller are undervalued 5.82%.
That suggests there is a buying opportunity in Buller.
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Buller suburb prices
I track the value of 4 suburbs in Buller. The most expensive suburb is Reefton, which has an average house value of $370,600. While the most affordable suburb is Westport, which has an average house value of $345,100.
I track the value of just 1 suburb in Buller. It's called Westport and you can see how the average property value is changing in the graph below.
I track the value of 4 suburbs in Buller. The most expensive suburb is Reefton, which has an average house value of $370,600. While the most affordable suburb is Westport, which has an average house value of $345,100.
Over the last 24 months of all Buller suburbs (June 2022 - June 2024, Westport had the fastest-growing house prices. They have gone up 8.80% over that period.
The suburb that grew the slowest over that period was Reefton. Property values in this suburb grew by 7.75% over those 2 years.
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What is the Buller rental market like?
Here's how rents are changing in Buller. Over the last four years (November 2020 - November 2024) the median rent has gone up $137 a week. That's 10.37% a year (on average).
Over the last 12 months, rents have gone up. They are up 2.44% ($10 a week) year on year.
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Are properties selling above or below CV in Buller?
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 West Coast.
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 West Coast property market here.