Property Market
5 min read
What's happening with Rangitikei house prices?
Council area of Manawatu-Wanganui
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 Rangitikei house prices?
The average price of a Rangitikei property is $428,935 (CoreLogic, June 2024).
Rangitikei house prices are down 1.12% over the last three months (REINZ). And they are 4.62% down over the last 12 months.
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Quick Facts
- The average price of a Rangitikei property is $428,935 (CoreLogic, August 2024)
- Over the last 3 months property prices in Rangitikei have gone down 1.12%
- Rangitikei property prices increased 8.31% per year (on average) in the 20 years between August 2004 - August 2024 (REINZ)
- The average rent in Rangitikei is $500 per week (Tenancy Services, April 2024)
How are Rangitikei property prices changing?
Rangitikei house prices soared after the Covid-19 pandemic began. House prices started out 43% below the eventual peak of the market.
However, after that peak in February 2022, house prices fell 30.81% before bottoming out in January 2023.
Today, Rangitikei house prices are down 24.58% compared to their peak. That means prices have risen 9.00% since the bottom of the market.
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Where is Rangitikei in its property cycle?
At the absolute bottom of its property cycle, Rangitikei was 33.26% undervalued.
Today, property prices in Rangitikei are overvalued 23.04%.
That suggests there is a selling opportunity in Rangitikei.
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Rangitikei suburb prices
I track the value of 5 suburbs in Rangitikei. The most expensive suburb is Bulls, which has an average house value of $505,300. While the most affordable suburb is Hunterville, which has an average house value of $402,550.
I track the value of just 1 suburb in Rangitikei. It's called Hunterville and you can see how the average property value is changing in the graph below.
I track the value of 5 suburbs in Rangitikei. The most expensive suburb is Bulls, which has an average house value of $505,300. While the most affordable suburb is Hunterville, which has an average house value of $402,550.
Over the last 24 months of all Rangitikei suburbs (June 2022 - June 2024, Bulls had the slowest-falling house prices. They have gone down -8.85% over that period.
The suburb that fell the fastest over that period was Marton. Property values in this suburb fell by 18.00% over those 2 years.
What is the Rangitikei rental market like?
Here's how rents are changing in Rangitikei.
Over the last 12 months, rents have gone up. They are up 4.17% ($20 a week) year on year.
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Are properties selling above or below CV in Rangitikei?
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 Manawatu-Wanganui.
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 Manawatu-Wanganui property market here.