Property Market
5 min read
What's happening with Clutha house prices?
Council area of Otago
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 Clutha house prices?
The average price of a Clutha property is $444,677 (QV, January 2026).
Clutha house prices are down 3.52% over the last three months (REINZ). And they are 5.29% down over the last 12 months.
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Quick Facts
- The average price of a Clutha property is $444,677 (QV, January 2026)
- Over the last 3 months property prices in Clutha have gone down 3.52%
- Clutha property prices increased 4.87% per year (on average) in the 20 years between February 2006 - February 2026 (REINZ)
- The average rent in Clutha is $385 per week (Tenancy Services, January 2026)
How are Clutha property prices changing?
Clutha house prices soared after the Covid-19 pandemic began. House prices started out 41% below the eventual peak of the market.
However, after that peak in January 2022, house prices fell 19.86% before bottoming out in July 2023.
Today, Clutha house prices are down 8.68% compared to their peak. That means prices have risen 13.95% since the bottom of the market.
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Where is Clutha in its property cycle?
At the absolute bottom of its property cycle, Clutha was 28.58% undervalued.
Today, property prices in Clutha are overvalued 20.39%.
That suggests there is a selling opportunity in Clutha.
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Clutha suburb prices
I track the value of 8 suburbs in Clutha. The most expensive suburb is Kaka Point, which has an average house value of $549,000. While the most affordable suburb is Kaitangata, which has an average house value of $328,800.
Over the last 24 months of all Clutha suburbs (January 2024 - January 2026, Tapanui had the fastest-growing house prices. They have gone up 11.95% over that period.
The suburb that grew the slowest over that period was Milton. Property values in this suburb grew by 5.83% over those 2 years.
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What is the Clutha rental market like?
Here's how rents are changing in Clutha. Over the last four years (January 2022 - January 2026) the median rent has gone down $-10 a week. That's -0.64% a year (on average).
Over the last 12 months, rents have gone down. They are down 11.49% ($50 a week) year on year.
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Are properties selling above or below CV in Clutha?
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 Otago.
The area in Otago selling the highest vs CV is Central Otago District where house prices are current selling 18% above CV.
The area in Otago selling the lowest vs CV is Queenstown-Lakes District where house prices are also selling 3% above CV.
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 Otago property market here.
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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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