What's happening with Grey house prices?

Council area of West Coast

Explore Grey'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: 24 Mar 2025

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What's happening to Grey house prices?

The average price of a Grey property is $447,242 (CoreLogic, February 2025).

Quick Facts

The average price of a Grey property is $447,242 (CoreLogic, February 2025)
Over the last 3 months property prices in Grey have gone up 3.90%
Grey property prices increased 5.34% per year (on average) in the 20 years between February 2005 - February 2025 (REINZ)
The average rent in Grey is $425 per week (Tenancy Services, November 2024)

How are Grey property prices changing?

Grey house prices soared after the Covid-19 pandemic began. House prices started out 48% below the eventual peak of the market.

Where is Grey in its property cycle?

At the absolute bottom of its property cycle, Grey was 33.72% undervalued.

Grey suburb prices

I track the value of 8 suburbs in Grey. The most expensive suburb is Paroa, which has an average house value of $629,050. While the most affordable suburb is Runanga, which has an average house value of $303,350.

Over the last 24 months of all Grey suburbs (February 2023 - February 2025, Blaketown had the fastest-growing house prices. They have gone up 21.05% over that period.

The suburb that grew the slowest over that period was Greymouth. Property values in this suburb grew by 11.22% over those 2 years.

What is the Grey rental market like?

Here's how rents are changing in Grey. Over the last four years (November 2020 - November 2024) the median rent has gone up $155 a week. That's 12.01% a year (on average).

Are properties selling above or below CV in Grey?

One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (CV)?”

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.