Property prices have doubled in most regions of New Zealand in the last 10 years, with Kawerau still on top of the table for five consecutive years.
Despite the fall in property prices last year, the latest data from realestate.co.nz proves that prices inevitably go up in the long run.
In the ten years to 2023, the average asking price in every New Zealand region has increased, with 12 of 19 regions at least doubling and the remaining six increasing by at least 50%. Of our 76 districts, 36 have increased by at least two-fold*, while a further six were up by more than 90%.
The average asking price in Hamilton city rose from $420,470 in 2014 to $822,671 in 2023 – an increase of 95.7%.
Nationally, the average asking price was up by 77.5%, increasing from $504,388 in 2014 to $895,289 in 2023.
Sarah Wood, CEO of realestate.co.nz, says the data underscores a resilient real estate market. “It’s welcome news for the vast majority of Kiwis whose biggest asset is their home that although we will see peaks and troughs, prices are continuing to trend upward over the long term.”
The Bay of Plenty township of Kawerau has seen the most significant growth, increasing by 261.2% during the past decade.
While it remains New Zealand’s lowest-priced district, with an average asking price of $443,093 in 2023, this has almost quadrupled from $122,665 in 2014.
Wood says it’s the fifth consecutive year Kawerau has seen the biggest decade growth.
Tania Humberstone, a spokesperson for Kawerau District Council, saysenabling new housing options in the area has been a council priority over the past seven-plus years, spurring demand.
“Kawerau remains a valuablemarket, offering an incentive for people to return home to purchase homes, or to embrace more flexible working arrangements and move away from more populated nearby areas such as Tauranga.”
Following Kawerau, the Hauraki Gulf Islands saw the next biggest increase in prices in the ten years to 2023.
Made up of Great Barrier, Kawau, and Rakino, these islands within the Auckland region increased by 171.8% from an average asking price of $713,123 in 2014 to $1,938,342 in 2023.
The Hauraki Gulf Islands were the only Auckland district to double in ten years in the past decade.
One of the areas to benefit the most from price hikes over the growth years is Wanaka.In the decade up to 2019, Wanaka was the slowest-growing district in the Central Otago/Lakes region, up 23% from 2010. Prices in the district didn’t double in ten years until 2022, when prices went from $906,387 in 2013 to $1,966,673. This trajectory continued into 2023, which saw Wanaka achieve the largest ten-year growth in the region, hitting an average asking price of $2,012,974.
To find out whether prices doubled in your area, click here.
– from NewsViews
