What's happening with Whangarei house prices?

The average price of a Whangarei property is $744,131 (CoreLogic, June 2024).

Whangarei house prices are up 0.54% over the last three months (REINZ). And they are 5.56% up over the last 12 months.

Whangarei house prices soared after the Covid-19 pandemic began. House prices started out 39% below the eventual peak of the market.

However, after that peak in January 2022, house prices fell 19.61% before bottoming out in April 2023.

Today, Whangarei house prices are down 13.88% compared to their peak. That means prices have risen 7.12% since the bottom of the market.

At the absolute bottom of its property cycle, Whangarei was 33.00% undervalued.

Today, property prices in Whangarei are overvalued 19.47%.

That suggests there is a selling opportunity in Whangarei.

I track the value of 26 suburbs in Whangarei. The most expensive suburb is Matapouri, which has an average house value of $1,285,250. While the most affordable suburb is Raumanga, which has an average house value of $484,450.

I track the value of just 1 suburb in Whangarei. It's called Raumanga and you can see how the average property value is changing in the graph below.

I track the value of 26 suburbs in Whangarei. The most expensive suburb is Matapouri, which has an average house value of $1,285,250. While the most affordable suburb is Raumanga, which has an average house value of $484,450.

Over the last 24 months of all Whangarei suburbs (June 2022 - June 2024, One Tree Point had the slowest-falling house prices. They have gone down -3.79% over that period.

The suburb that fell the fastest over that period was Oakura. Property values in this suburb fell by 15.86% over those 2 years.

Here's how rents are changing in Whangarei. Over the last four years (April 2020 - April 2024) the median rent has gone up $135 a week. That's 6.71% a year (on average).

Over the last 12 months, rents have gone up. They are up 7.27% ($40 a week) year on year.

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.

Where do house prices go up the fastest in Whangarei?

This map lets you find out for yourself.

Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.

The redder the area ... the quicker house prices have grown in that suburb.

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Whangarei property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

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.

• Far North District property market
• Kaipara District property market