Property Market
5 min read
What's happening with Southland house prices?
Council area of Southland
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 Southland house prices?
The average price of a Southland property is $577,309 (QV, February 2026).
Southland house prices are up 4.79% over the last three months (REINZ). And they are 8.41% up over the last 12 months.
Quick Facts
- The average price of a Southland property is $577,309 (QV, February 2026)
- Over the last 3 months property prices in Southland have gone up 4.79%
- Southland property prices increased 6.44% per year (on average) in the 20 years between February 2006 - February 2026 (REINZ)
- The average rent in Southland is $460 per week (Tenancy Services, January 2026)
How are Southland property prices changing?
Southland house prices soared after the Covid-19 pandemic began. House prices started out 36% below the eventual peak of the market.
However, after that peak in March 2022, house prices fell 7.75% before bottoming out in January 2023.
Today, Southland house prices are down 1.19% compared to their peak. That means prices have risen 20.30% since the bottom of the market.
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Where is Southland in its property cycle?
At the absolute bottom of its property cycle, Southland was 22.72% undervalued.
Today, property prices in Southland are overvalued 26.67%.
That suggests there is a selling opportunity in Southland.
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Southland suburb prices
I track the value of 13 suburbs in Southland. The most expensive suburb is Te Anau, which has an average house value of $757,250. While the most affordable suburb is Tuatapere, which has an average house value of $306,150.
Over the last 24 months of all Southland suburbs (February 2024 - February 2026, Halfmoon Bay had the fastest-growing house prices. They have gone up 17.45% over that period.
The suburb that grew the slowest over that period was Edendale. Property values in this suburb grew by 3.75% over those 2 years.
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What is the Southland rental market like?
Here's how rents are changing in Southland. Over the last four years (January 2022 - January 2026) the median rent has gone up $120 a week. That's 7.85% a year (on average).
Over the last 12 months, rents have gone up. They are up 73.58% ($195 a week) year on year.
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Are properties selling above or below CV in Southland?
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 Southland.
The area in Southland selling the highest vs CV is Invercargill City where house prices are current selling 18% above CV.
The area in Southland selling the lowest vs CV is Gore 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 Southland property market here.
Current Property Listings
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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