Taranaki Property Market

Introduction

Looking to Invest or buy a property in Taranaki?

This article breaks down all the most essential facts about the Taranaki property market.

The Taranaki property market is made up of 3 districts and 36 suburbs. These districts are the New Plymouth, Stratford and South Taranaki.

Taranaki’s Median House Price is $412,000

Median Taranaki House Price

As at February 2020, the median house price in Taranaki is $412,000. This is up from $282,000 10 years earlier. That means that the median Taranaki property increased in value by 3.86% each year, or $13,000 on average.

The most expensive suburb in Taranaki is Oakura, which has a median house price of $838,400 and is located in New Plymouth district. That means that Oakura’s median house price is 2.03x Taranaki’s median.

The least expensive suburb in Taranaki is Patea, which has a median house price of $153,950 and is located in South Taranaki district. That means that Patea’s median house price is 62.6% cheaper than Taranaki’s median.

Over the last 20 years (Jan 2000 – Mar 2020), Fitzroy had the fastest-growing house prices in all of Taranaki, at 7.88% per year. That is 6.02% faster than the median Taranaki house price over the same period.

The suburb that grew the slowest over that period was Hawera, which grew at a rate of 5.13% per year. That’s 28.2% slower than the median Taranaki house price.

Taranaki House Prices v.s. NZ House Prices

Taranaki’s Median House Price is 4.25% below its long term average

On average, over the last 27 years, Taranaki’s median house price has been 68.91% of New Zealand’s median house price.

Assuming the long term fundamentals of either property market have not changed, Taranaki’s median house price should track back to this long term average.

That suggests that when Taranaki’s median house price is below its long term average, there is a buying opportunity. When Taranaki’s median house price is above its long term average, there are buying opportunities in other regions.

As of Dec 2019, Taranaki’s median house price was 65.98% of New Zealand’s median house price. That is 4.25% below its long term ratio, which suggests there is a buying opportunity in Taranaki.

New Plymouth Property Market

New Plymouth Property Market

The New Plymouth district is made up of 28 suburbs. The most expensive suburb is Oakura, which has a median house price of $838,400. While the most affordable suburb is Waitara, which has a median house price of $320,500.

Over the last 20 years of all New Plymouth district suburbs (Jan 2000 – Mar 2020), Fitzroy had the fastest-growing house, at 7.88% per year. That is 6.02% faster than the median Taranaki house price.

The suburb that grew the slowest over that period was Merrilands, which grew at a rate of 6.11% per year. That’s 14.4% slower than the median Taranaki house price.

Stratford Property Market

Stratford Property Market

The Stratford district is made up of 1 suburb, also named Stratford, which has a median house price of $324,350.

Over the last 20 years the median Stratford house value grew by 6.94% (Jan 2000 – Mar 2020), which is 2.80% slower than the median Taranaki house price over the same period.

South Taranaki Property Market

South Taranaki

The South Taranaki district is made up of 7 suburbs. The most expensive suburb is Hawera, which has a median house price of $321,950. While the most affordable suburb is Patea, which has a median house price of $153,950.

Over the last 19 years of all South Taranaki district suburbs (Jan 2001 – Mar 2020), Eltham had the fastest-growing house, at 6.51% per year. That is 16.5% slower than the median Taranaki house price.

The suburb that grew the slowest over that period was Hawera, which grew at a rate of 5.64% per year. That’s 27.7% slower than the median Taranaki house price.

South Taranaki has experienced substantial house price growth over the last 12 months (Mar 19 – Mar 20). The fastest appreciating suburb was Normanby, which grew by 20.45% over the past year. That was closely followed by Opunake, which grew at 17.98%.

Other Property Markets

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 Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned here.