Gisborne Property Market

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 $415,000

As at May 2020, the median house price in Gisborne is $415,000. This is up from $258,000 10 years earlier. That means that the median Gisborne property increased in value by 4.87% each year, or $15,700 on average.

Gisborne House Prices Comparison with NZ

Gisborne House Prices Comparison with NZ

On average, over the last 27 years, Gisborne's median house price has been 64.52% 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 Dec 2019, Gisborne's median house price was 66.45% of New Zealand’s median house price. That is 2.99% above its long term ratio, which suggests that Gisborne house prices are where we would expect them to be over the long term, relative to the rest of the country.

Gisborne Property Market

Gisborne Property Market

The Gisborne district is made up of 13 suburbs. The most expensive suburb is Lytton West, which has a median house price of $643,750. While the most affordable suburb is Outer Kaiti, which has a median house price of $261,550.

Over the last 20 years of all Gisborne suburbs (Jan 2000 – Mar 2020), Mangapapa had the fastest-growing house, at 6.92% per year. That is 21.59% faster than the median Gisborne house price over the same period.

The suburb that grew the slowest over that period was Gisborne, which grew at a rate of 6.28% per year. That’s 10.45% faster 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.