Property Market
5 min read
What's happening with Whakatane house prices?
Council area of Bay of Plenty
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 Whakatane house prices?
The average price of a Whakatane property is $720,768 (CoreLogic, June 2024).
Whakatane house prices are up 3.95% over the last three months (REINZ). And they are 4.11% up over the last 12 months.
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Quick Facts
- The average price of a Whakatane property is $720,768 (CoreLogic, August 2024)
- Over the last 3 months property prices in Whakatane have gone up 3.95%
- Whakatane property prices increased 6.28% per year (on average) in the 20 years between August 2004 - August 2024 (REINZ)
- The average rent in Whakatane is $555 per week (Tenancy Services, April 2024)
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 12.60% before bottoming out in April 2024.
Today, Whakatane house prices are down 6.83% compared to their peak. That means prices have risen 6.60% 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 24.94% undervalued.
Today, property prices in Whakatane are overvalued 3.27%.
That suggests there is a 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 Ohope, which has an average house value of $1,270,450. While the most affordable suburb is Murupara, which has an average house value of $194,700.
I track the value of just 1 suburb in Whakatane. It's called Murupara and you can see how the average property value is changing in the graph below.
I track the value of 6 suburbs in Whakatane. The most expensive suburb is Ohope, which has an average house value of $1,270,450. While the most affordable suburb is Murupara, which has an average house value of $194,700.
Over the last 24 months of all Whakatane suburbs (June 2022 - June 2024, Ohope had the slowest-falling house prices. They have gone down -3.37% over that period.
The suburb that fell the fastest over that period was Coastlands. Property values in this suburb fell by 8.28% 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 (April 2020 - April 2024) the median rent has gone up $175 a week. That's 9.93% a year (on average).
Over the last 12 months, rents have gone up. They are up 5.71% ($30 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.
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.