Gisborne Property Market

Is it worth buying a property in Gisborne? Explore the data and find out. Last updated 27th January 2022


Ed McKnight

Economist, property investor and host of the Property Academy Podcast

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 $695,000

As at December 2021, the median house price in Gisborne is $695,000. This is up from $225,000 10 years earlier. That means that the median Gisborne property increased in value by 11.94% each year, or $47,000 on average.

Gisborne House Prices Comparison with NZ

Gisborne's Median House Price is 9.37% above its long term average

On average, over the last 28 years, Gisborne's median house price has been 65.01% 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 December 2021, Gisborne's median house price was 74.38% of New Zealand’s median house price. That is 9.37% above its long term ratio, which suggests there is likely buying opportunities outside of the Gisborne region.

Council Breakdown – Over/Undervalued

Where are House Prices Most Over and Undervalued within the Gisborne Region?

This map shows a breakdown of how over or under-valued each council area is right now in and around the Gisborne property market. While we know that Whakatane, Wairoa, and Opotiki aren't part of the Gisborne region, they have been included in the map below for a better comparison of the Gisborne property market and because we know some of you will want to invest there! These figures are calculated exactly the same way as the graph in the above section.

The Gisborne district appears to be the most over-valued. House prices there are about 13.77% above where we would usually expect them to be over the long term.

Whakatane district, on the other hand, appears to be slightly under-valued. House prices in this district appear to be 6.27% below where we would expect them to be.

This means that we've got greater confidence that Whakatane would receive a higher rate of capital growth (house price increases) over the next 5-10 years compared to Gisborne.


Where Are the Most Affordable Property In the Waikato?

The map below depicts which districts in and around the Gisborne Region have the most and least affordable house prices (REINZ, December 2021).

The darker the district, the more expensive the average house price for that area...

The Whakatane district is by far the most expensive district of those in and around the Gisborne region, with properties reaching an average price of $701,000 (December 2021).

By comparison, the Wairoa District is the most affordable, with an average house price of just $375,000. That's an enormous $326,000 difference compared to Whakatane.

The Gisborne district itself has an average house price of $695,000, just $6,000 less than the average Whakatane house price.

Population Growth

Which Part of Gisborne Gets The Highest Population Growth?

The map below illustrates the projected population growth for each district in and around the Gisborne Region over the next 25 years (2018 - 2043).

The darker the district, the more the population is predicted to expand in that area...

Over this period, the Gisborne district is expected to see the most growth of all the council areas around the region – 2.89% in total. (Yes, it's confusing that there is both a Gisborne District and a Gisborne Region).

By contrast, the Opotiki district is expected to shrink by 24.2% over the same timeframe.

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 $1,001,350. While the most affordable suburb is Outer Kaiti, which has a median house price of $438,500.

Over the last 2 years of all Gisborne suburbs (Dec 2019 – Dec 2021), Elgin had the fastest-growing house, at 33.67% per year. That is 15.11% faster than the median Gisborne house price over the same period.

The suburb that grew the slowest over that period was Inner Okitu, which grew at a rate of 19.62% per year. That’s 32.92% 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.


Ed McKnight

Ed McKnight is the host of the Property Academy Podcast – NZ's #1 business podcast. He is an economist, having studied at the University of Auckland and the University of Waikato. He's a frequent writer for Informed Investor Magazine and has contributed to NewsHub, Stuff, OneRoof and Property Investor Magazine.