Property Market
5 min read
What's happening with Ruapehu 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 Ruapehu house prices?
The average price of a Ruapehu property is $381,714 (CoreLogic, June 2024).
Ruapehu house prices are down 0.12% over the last three months (REINZ). And they are 2.20% up over the last 12 months.
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Quick Facts
- The average price of a Ruapehu property is $381,714 (CoreLogic, August 2024)
- Over the last 3 months property prices in Ruapehu have gone down 0.12%
- Ruapehu property prices increased 7.27% per year (on average) in the 20 years between August 2004 - August 2024 (REINZ)
- The average rent in Ruapehu is $405 per week (Tenancy Services, April 2024)
How are Ruapehu property prices changing?
Ruapehu house prices soared after the Covid-19 pandemic began. House prices started out 42% below the eventual peak of the market.
However, after that peak in April 2022, house prices fell 29.27% before bottoming out in July 2024.
Today, Ruapehu house prices are down 24.09% compared to their peak. That means prices have risen 7.32% since the bottom of the market.
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Where is Ruapehu in its property cycle?
At the absolute bottom of its property cycle, Ruapehu was 34.56% undervalued.
Today, property prices in Ruapehu are overvalued 12.27%.
That suggests there is a selling opportunity in Ruapehu.
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Ruapehu suburb prices
I track the value of 6 suburbs in Ruapehu. The most expensive suburb is Ohakune, which has an average house value of $451,350. While the most affordable suburb is Manunui, which has an average house value of $325,050.
I track the value of just 1 suburb in Ruapehu. It's called Manunui and you can see how the average property value is changing in the graph below.
I track the value of 6 suburbs in Ruapehu. The most expensive suburb is Ohakune, which has an average house value of $451,350. While the most affordable suburb is Manunui, which has an average house value of $325,050.
Over the last 24 months of all Ruapehu suburbs (June 2022 - June 2024, National Park had the slowest-falling house prices. They have gone down -8.57% over that period.
The suburb that fell the fastest over that period was Ohakune. Property values in this suburb fell by 18.20% over those 2 years.
What is the Ruapehu rental market like?
Here's how rents are changing in Ruapehu. Over the last four years (April 2020 - April 2024) the median rent has gone up $155 a week. That's 12.82% a year (on average).
Over the last 12 months, rents have gone up. They are up 15.71% ($55 a week) year on year.
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Are properties selling above or below CV in Ruapehu?
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.