Property Market
5 min read
What's happening with Westland 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 Westland house prices?
The average price of a Westland property is $433,587 (CoreLogic, June 2024).
Westland house prices are down 5.48% over the last three months (REINZ). And they are 18.58% up over the last 12 months.
Loading...
Quick Facts
- The average price of a Westland property is $433,587 (CoreLogic, November 2024)
- Over the last 3 months property prices in Westland have gone down 5.48%
- Westland property prices increased 5.84% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- #N/A (Did not find value 'Westland District' in MATCH evaluation.)
How are Westland property prices changing?
Westland house prices soared after the Covid-19 pandemic began. House prices started out 42% below the eventual peak of the market.
However, after that peak in February 2023, house prices fell 16.30% before bottoming out in August 2023.
Today, Westland house prices are down 8.14% compared to their peak. That means prices have risen 20.85% since the bottom of the market.
Loading...
Where is Westland in its property cycle?
At the absolute bottom of its property cycle, Westland was 26.50% undervalued.
Today, property prices in Westland are overvalued 6.70%.
That suggests there is a selling opportunity in Westland.
Loading...
Westland suburb prices
I track the value of 2 suburbs in Westland. The most expensive suburb is Kaniere, which has an average house value of $519,600. While the most affordable suburb is Hokitika, which has an average house value of $456,950.
I track the value of just 1 suburb in Westland. It's called Hokitika and you can see how the average property value is changing in the graph below.
I track the value of 2 suburbs in Westland. The most expensive suburb is Kaniere, which has an average house value of $519,600. While the most affordable suburb is Hokitika, which has an average house value of $456,950.
Over the last 24 months of all Westland suburbs (June 2022 - June 2024, Hokitika had the fastest-growing house prices. They have gone up 7.47% over that period.
The suburb that grew the slowest over that period was Kaniere. Property values in this suburb grew by 4.96% over those 2 years.
What is the Westland rental market like?
Here's how rents are changing in Westland.
Are properties selling above or below CV in Westland?
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.