Property Market
5 min read
What's happening with Far North house prices?
Council area of Northland
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 Far North house prices?
The average price of a Far North property is $716,528 (CoreLogic, June 2024).
Far North house prices are up 2.96% over the last three months (REINZ). And they are 1.05% up over the last 12 months.
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Quick Facts
- The average price of a Far North property is $716,528 (CoreLogic, September 2024)
- Over the last 3 months property prices in Far North have gone up 2.96%
- Far North property prices increased 5.55% per year (on average) in the 20 years between September 2004 - September 2024 (REINZ)
- The average rent in Far North is $510 per week (Tenancy Services, April 2024)
How are Far North property prices changing?
Far North house prices soared after the Covid-19 pandemic began. House prices started out 31% below the eventual peak of the market.
However, after that peak in December 2022, house prices fell 19.43% before bottoming out in April 2023.
Today, Far North house prices are down 7.82% compared to their peak. That means prices have risen 14.42% since the bottom of the market.
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Where is Far North in its property cycle?
At the absolute bottom of its property cycle, Far North was 25.36% undervalued.
Today, property prices in Far North are overvalued 0.99%.
That suggests there is neither a buying or selling opportunity in Far North.
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Far North suburb prices
I track the value of 24 suburbs in Far North. The most expensive suburb is Kerikeri, which has an average house value of $931,850. While the most affordable suburb is Kaikohe, which has an average house value of $362,250.
I track the value of just 1 suburb in Far North. It's called Kaikohe and you can see how the average property value is changing in the graph below.
I track the value of 24 suburbs in Far North. The most expensive suburb is Kerikeri, which has an average house value of $931,850. While the most affordable suburb is Kaikohe, which has an average house value of $362,250.
Over the last 24 months of all Far North suburbs (June 2022 - June 2024, Kaikohe had the slowest-falling house prices. They have gone down -0.83% over that period.
The suburb that fell the fastest over that period was Pukenui. Property values in this suburb fell by 12.07% over those 2 years.
What is the Far North rental market like?
Here's how rents are changing in Far North. Over the last four years (April 2020 - April 2024) the median rent has gone up $110 a week. That's 6.26% a year (on average).
Over the last 12 months, rents have gone up. They are up 2.00% ($10 a week) year on year.
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Are properties selling above or below CV in Far North?
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 Northland.
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 Northland property market here.