Property Market
5 min read
What's happening with Whakatane house prices?
Council area of Bay of Plenty
Author: Ed McKnight
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 Whakatane house prices?
The average price of a Whakatane property is $714,435 (QV, May 2026).
Whakatane house prices are up 8.69% over the last three months (REINZ). And they are 1.03% up over the last 12 months.
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Quick Facts
- The average price of a Whakatane property is $714,435 (QV, May 2026)
- Over the last 3 months property prices in Whakatane have gone up 8.69%
- Whakatane property prices increased 4.10% per year (on average) in the 20 years between April 2006 - April 2026 (REINZ)
- The average rent in Whakatane is $585 per week (Tenancy Services, March 2026)
How are Whakatane property prices changing?
Whakatane house prices soared after the Covid-19 pandemic began. House prices started out 36% below the eventual peak of the market.
However, after that peak in February 2022, house prices fell 16.46% before bottoming out in January 2026.
Today, Whakatane house prices are down 9.20% compared to their peak. That means prices have risen 8.69% since the bottom of the market.
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Where is Whakatane in its property cycle?
At the absolute bottom of its property cycle, Whakatane was 25.00% undervalued.
Today, property prices in Whakatane are overvalued 1.20%.
That suggests there is neither a buying or selling opportunity in Whakatane.
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Whakatane suburb prices
I track the value of 6 suburbs in Whakatane. The most expensive suburb is Coastlands, which has an average house value of $922,700. While the most affordable suburb is Murupara, which has an average house value of $189,750.
Over the last 24 months of all Whakatane suburbs (May 2024 - May 2026, Matata had the fastest-growing house prices. They have gone up 1.78% over that period.
The suburb that fell the fastest over that period was Coastlands. Property values in this suburb fell by 5.58% over those 2 years.
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What is the Whakatane rental market like?
Here's how rents are changing in Whakatane. Over the last four years (March 2022 - March 2026) the median rent has gone up $85 a week. That's 4.00% a year (on average).
Over the last 12 months, rents have gone up. They are up 2.63% ($15 a week) year on year.
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Are properties selling above or below CV in Whakatane?
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 Bay of Plenty.
The area in Bay of Plenty selling the highest vs CV is Kawerau District where house prices are current selling 15% above CV.
The area in Bay of Plenty selling the lowest vs CV is Whakatane District where house prices are selling 0% equal 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 Bay of Plenty property market here. You can also check out our analysis for every other council area in Bay of Plenty here:
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This property market information is for your general information. It’s not financial advice. See here for details about our Financial Advice Provider Disclosure. So Opes isn’t telling you what to do with your own money.
We’ve made every effort to make sure the information is accurate. But property markets change, and we occasionally get the odd fact wrong. Make sure you do your own research or talk to a financial adviser before making any investment decisions.
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