Northland Property Market

Is it worth buying a property in Northland? Explore the data and find out.

Introduction

Looking to invest or buy a property in Northland?

This article breaks down all the most essential facts about the Northland property market.

The Northland property market is made up of 3 districts and 53 suburbs. These districts are the Far North, Whangarei and Kaipara.

Median Northland House Price

Northland’s Median House Price is $560,000

As at February 2020, the median house price in Northland is $560,000. This is up from $305,000 10 years earlier. That means that the median Northland property increased in value by 6.26% each year, or $25,500 on average.

The most expensive suburb in Northland is Mangawhai Heads, which has a median house price of $921,100 and is located in Kaipara district. That means that Mangawhai Heads’ median house price is 1.65x Northland’s median.

The least expensive suburb in Northland is Kaikoe, which has a median house price of $ $218,000 and is located in the Far North district. That means that Kaikoe’s median house price is 61.1% cheaper than Northland’s median.

Over the last 20 years (Jan 2000 – Mar 2020), Hikurangi had the fastest-growing house prices in all of Northland, at 7.16% per year. That is 19.3% faster than the median Northland house price.

The suburb that grew the slowest over that period was Ahipara, which grew at a rate of 4.38% per year. That’s 27.0% slower than the median Northland house price.

Northland House Prices v.s. NZ House Prices

Northland’s Median House Price is 1.8% above its long term average

On average, over the last 27 years, Northland’s median house price has been 83.33% of New Zealand’s median house price.

Assuming the long term fundamentals of either property market have not changed, Northland’s median house price should track back to this long term average.

That suggests that when Northland’s median house price is below its long term average, there is a buying opportunity. When Northland’s median house price is above its long term average, there are buying opportunities in other regions.

As of Dec 2019, Northland’s median house price was 84.86% of New Zealand’s median house price. That is 1.8% above its long term ratio, which suggests that Northland house prices are roughly where they should be over the long term compared to other regions.

Far North Property Market

Far North Property Market

The Far North district is made up of 20 suburbs. The most expensive suburb is Kerikeri, which has a median house price of $721,800. While the most affordable suburb is Kaikohe, which has a median house price of $218,000.

Over the last 20 years of all the Far North district suburbs (Jan 2000 – Mar 2020), Kawakawa had the fastest-growing house, at 6.76% per year. That is 12.7% faster than the median Northland house price.

The suburb that grew the slowest over that period was Ahipara, which grew at a rate of 4.38% per year. That’s 27.0% slower than the median Northland house price.

Whangarei Property Market

Whangarei Property Market

The Whangarei district is made up of 23 suburbs. The most expensive suburb is Matapouri, which has a median house price of $ 911600. While the most affordable suburb is Raumanga, which has a median house price of $ 367,850.

Over the last 20 years of all the Whangarei district suburbs (Jan 2000 – Mar 2020), Hikurangi had the fastest-growing house, at 19.33% per year. That is 14.4% faster than the median Northland house price.

The suburb that grew the slowest over that period was Maunu, which grew at a rate of 5.16% per year. That’s 14.0% slower than the median Northland house price.

Kaipara Property Market

Kaipara Property Market

The Kaipara district is made up of 10 suburbs. The most expensive suburb is Mangawhai Heads, which has a median house price of $921,100. While the most affordable suburb is Ruawai, which has a median house price of $ 253,850.

Over the last 20 years of all the Kaipara district suburbs (Jan 2000 – Mar 2020), Mangawhai Heads had the fastest-growing house, at 7.01% per year. That is 16.8% faster than the median Northland house price.

The suburb that grew the slowest over that period was Dargaville, which grew at a rate of 5.89% per year. That’s 1.83% slower than the median Northland house price.