Taranaki Property Market

Is it worth buying a property in Taranaki? Explore the data and find out. Last updated 11th January 2021

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.

Median Taranaki House Price

Taranaki’s Median House Price is $496,000

As at November 2020, the median house price in Taranaki is $496,000. This is up from $265,000 10 years earlier. That means that the median Taranaki property increased in value by 6.47% each year, or $23,100 on average.

The most expensive suburb in Taranaki is Oakura, which has a median house price of $944,700 and is located in New Plymouth district. That means that Oakura’s median house price is 1.90x Taranaki’s median.

The least expensive suburb in Taranaki is Patea, which has a median house price of $178,900 and is located in South Taranaki district. That means that Patea’s median house price is 63.93% cheaper than Taranaki’s median.

Over the last 21 years (Jan 2000 – Dec 2020), Waitara had the fastest-growing house prices in all of Taranaki, at 8.19% per year. That is 4.30% 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 5.64% per year. That’s 28.17% slower than the median Taranaki house price.

Taranaki House Prices v.s. NZ House Prices

Taranaki’s Median House Price is 1.83% below its long term average

On average, over the last 28 years, Taranaki’s median house price has been 68.82% 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 September 2020, Taranaki’s median house price was 67.56% of New Zealand’s median house price. That is 1.83% below its long term ratio, which suggests that Taranaki house prices are where we would expect them to be – over the long term – compared to the rest of the country.

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 $944,700. While the most affordable suburb is Marfell, which has a median house price of $348,550.

Over the last 21 years of all New Plymouth district suburbs (Jan 2000 – Dec 2020), Waitara had the fastest-growing house, at 8.19% per year. That is 4.30% faster than the median Taranaki house price.

The suburb that grew the slowest over that period was Merrilands, which grew at a rate of 6.29% per year. That’s 19.86% 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 $359,450.

Over the last 21 years the median Stratford house value grew by 7.24% (Jan 2000 – Dec 2020), which is 7.82% slower than the median Taranaki house price over the same period.

South Taranaki

South Taranaki Property Market

The South Taranaki district is made up of 7 suburbs. The most expensive suburb is Hawera, which has a median house price of $368,800. While the most affordable suburb is Patea, which has a median house price of $178,900.

Over the last 20 years of all South Taranaki district suburbs (Dec 2000 – Dec 2020), Eltham had the fastest-growing house, at 7.28% per year. That is 8.66% slower than the median Taranaki house price.

The suburb that grew the slowest over that period was Hawera, which grew at a rate of 6.12% per year. That’s 23.26% slower than the median Taranaki house price.

South Taranaki has experienced substantial house price growth over the last 24 months (Dec 18 – Dec 20). The fastest appreciating suburb was Waverley, which grew by 22.85% over the past 2 years. That was closely followed by Manaia, which grew at 19.02%.

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.