Property Market
What's happening with Thames-Coromandel's house prices?
Explore Thames-Coromandel's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs
Property Market
1 min read
What's happening with Whangarei's house prices?
Explore Whangarei's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs
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: Andrew Nicol
Managing Director, 20+ Years' Experience Investing In Property, Author & Host
What's happening to Whangarei house prices?
The average price of a Whangarei property is $744,131 (CoreLogic, June 2024)
Whangarei house prices are down -2.13% over the last three months (REINZ). And they are 1.80% down over the last 12 months.
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Quick facts
- The average price of a Whangarei property is $744,131 (CoreLogic, June 2024)
- Over the last 3 months property prices in Whangarei have gone down -2.13%
- Whangarei property prices increased 5.78% per year (on average) in the 20 years between July 2004 - July 2024 (REINZ)
- The average rent in Whangarei is $590 per week (Tenancy Services, June 2023)
How are Whangarei property prices changing?
Whangarei 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 2021, house prices fell 15.18% before bottoming out in June 2023.
Today, Whangarei house prices are down 16.68% compared to their peak. That means prices have risen -1.77% since the bottom of the market.
Whangarei District's house prices compared to the peak of the market
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Where is Whangarei in its property cycle?
At the bottom of its property cycle, Whangarei was 20.02% undervalued. But now prices have caught up.
Today, property prices in Whangarei are undervalued by 2.89%.
That suggests there is neither a buying or selling opportunity in Whangarei.
Is Whangarei District over or undervalued?
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Whangarei District suburb prices
Whangarei District
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Whangarei District is made up of 25 suburbs. The most expensive suburb is Matapouri, which has an average house value of $1,322,100. While the most affordable suburb is Raumanga, which has an average house value of $480,550.
Over the last 24 months of all the Whangarei District suburbs (Jun 2022 - Jun 2024), Avenues had the fastest-growing house prices at -4.17% per year.
The suburb that grew the slowest over that period was Oakura, which grew at a rate of -8.84% per year.
What is the Whangarei rental market like?
Rents have been steadily increasing in Whangarei. Over the last four years (June 2020 - June 2024) the median rent has gone up $150 a week. That's 7.61% a year (on average).
Over the last 12 months, rents have gone down. They are up 1.72% ($10 a week) year on year.
Are properties selling above or below CV?
One of the most common questions I get asked is: “Ed, are properties selling above or below the Council Valuation (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.
Where do house prices grow the fastest in the Whangarei property market?
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.
Which Whangarei suburbs have the highest yields?
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.
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, Far North District property market here.
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.
Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.
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