Gisborne Property Market

Is it worth buying a property in Gisborne? Explore the data and find out. Last updated 11th January 2021

Introduction

Looking to Invest or buy a property in Gisborne?

This article breaks down all the most essential facts about the Gisborne property market. The Gisborne property market is made up of 1 district, also called Gisborne.

Median Gisborne House Price

Gisborne's Median House Price is $530,000

As at November 2020, the median house price in Gisborne is $530,000. This is up from $263,000 10 years earlier. That means that the median Gisborne property increased in value by 7.26% each year, or $26,700 on average.

Gisborne House Prices Comparison with NZ

Gisborne's Median House Price is 15.14% above its long term average

On average, over the last 28 years, Gisborne's median house price has been 74.45% of New Zealand’s median house price.

Assuming the long term fundamentals of either property market have not changed, Gisborne's median house price should trackback to this long term average.

That suggests that when Gisborne's median house price is below its long term average, there is a buying opportunity. When Gisborne's median house price is above its long term average, there are buying opportunities in other regions.

As of September 2020, Gisborne's median house price was 74.45% of New Zealand’s median house price. That is 15.14% above its long term ratio, which suggests there is likely buying opportunities outside of the Gisborne region.

Gisborne Property Market

Gisborne Property Market

The Gisborne district is made up of 13 suburbs. The most expensive suburb is Okitu, which has a median house price of $808,800. While the most affordable suburb is Tolaga Bay, which has a median house price of $336,550.

Over the last 20 years of all Gisborne suburbs (Dec 2000 – Dec 2020), Outer Kaiti had the fastest-growing house, at 8.60% per year. That is 6.36% faster than the median Gisborne house price over the same period.

The suburb that grew the slowest over that period was Whataupoko, which grew at a rate of 7.66% per year. That’s 5.23% slower than the median Gisborne house price.

Other Property Markets

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 Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned here.