Property Market
5 min read
What's happening with Palmerston North house prices?
Council area of Manawatu-Wanganui
Author: Ed McKnight
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 Palmerston North house prices?
The average price of a Palmerston North property is $636,580 (QV, December 2025).
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Quick Facts
- The average price of a Palmerston North property is $636,580 (QV, December 2025)
- Over the last 3 months property prices in Palmerston North have gone up 0.51%
- Palmerston North property prices increased 4.65% per year (on average) in the 20 years between December 2005 - December 2025 (REINZ)
- The average rent in Palmerston North is $550 per week (Tenancy Services, November 2025)
How are Palmerston North property prices changing?
Palmerston North house prices soared after the Covid-19 pandemic began. House prices started out 34% below the eventual peak of the market.
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Where is Palmerston North in its property cycle?
At the absolute bottom of its property cycle, Palmerston North was 25.37% undervalued.
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Palmerston North suburb prices
I track the value of 16 suburbs in Palmerston North. The most expensive suburb is Aokautere, which has an average house value of $1,085,700. While the most affordable suburb is Westbrook, which has an average house value of $499,600.
Over the last 24 months of all Palmerston North suburbs (December 2023 - December 2025, Ashhurst had the fastest-growing house prices. They have gone up 6.67% over that period.
The suburb that fell the fastest over that period was Awapuni. Property values in this suburb fell by 3.23% over those 2 years.
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What is the Palmerston North rental market like?
Here's how rents are changing in Palmerston North. Over the last four years (November 2021 - November 2025) the median rent has gone up $50 a week. That's 2.41% a year (on average).
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Are properties selling above or below CV in Palmerston North?
One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (CV)?”
Where do house prices grow the fastest in the Palmerston North property market?
Where do house prices go up the fastest in Palmerston North?
Which suburbs in the Palmerston North property market have the highest yields?
Gross yields vary widely depending on which suburb you chose to investigate.
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.
Current Property Listings
This property market information is for your general information. It’s not financial advice. See here for details about our Financial Advice Provider Disclosure. So Opes isn’t telling you what to do with your own money.
We’ve made every effort to make sure the information is accurate. But property markets change, and we occasionally get the odd fact wrong. Make sure you do your own research or talk to a financial adviser before making any investment decisions.
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