Property Market
5 min read
What's happening with Waimakariri house prices?
Council area of Canterbury
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 Waimakariri house prices?
The average price of a Waimakariri property is $714,456 (CoreLogic, June 2024).
Waimakariri house prices are down 1.67% over the last three months (REINZ). And they are 1.37% up over the last 12 months.
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Quick Facts
- The average price of a Waimakariri property is $714,456 (CoreLogic, August 2024)
- Over the last 3 months property prices in Waimakariri have gone down 1.67%
- Waimakariri property prices increased 5.10% per year (on average) in the 20 years between August 2004 - August 2024 (REINZ)
- The average rent in Waimakariri is $573 per week (Tenancy Services, April 2024)
How are Waimakariri property prices changing?
Waimakariri 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 March 2022, house prices fell 9.85% before bottoming out in July 2023.
Today, Waimakariri house prices are down 6.61% compared to their peak. That means prices have risen 3.58% since the bottom of the market.
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Where is Waimakariri in its property cycle?
At the absolute bottom of its property cycle, Waimakariri was 24.88% undervalued.
Today, property prices in Waimakariri are undervalued 7.11%.
That suggests there is a buying opportunity in Waimakariri.
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Waimakariri suburb prices
I track the value of 8 suburbs in Waimakariri. The most expensive suburb is Pegasus, which has an average house value of $831,750. While the most affordable suburb is Oxford, which has an average house value of $649,550.
I track the value of just 1 suburb in Waimakariri. It's called Oxford and you can see how the average property value is changing in the graph below.
I track the value of 8 suburbs in Waimakariri. The most expensive suburb is Pegasus, which has an average house value of $831,750. While the most affordable suburb is Oxford, which has an average house value of $649,550.
Over the last 24 months of all Waimakariri suburbs (June 2022 - June 2024, Waikuku Beach had the fastest-growing house prices. They have gone up 0.04% over that period.
The suburb that fell the fastest over that period was Pegasus. Property values in this suburb fell by 4.13% over those 2 years.
What is the Waimakariri rental market like?
Here's how rents are changing in Waimakariri. Over the last four years (April 2020 - April 2024) the median rent has gone up $153 a week. That's 8.08% a year (on average).
Over the last 12 months, rents have gone up. They are up 10.19% ($53 a week) year on year.
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Are properties selling above or below CV in Waimakariri?
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 Canterbury.
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 Canterbury property market here.