Property Market
5 min read
What's happening with South Taranaki house prices?
Council area of Taranaki
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: Laine Moger
Journalist and Property Educator with six years of experience, holds a Bachelor of Communication (Honours) from Massey University.
What's happening to South Taranaki house prices?
The average price of a South Taranaki property is $472,758 (CoreLogic, June 2024).
South Taranaki house prices are up 2.12% over the last three months (REINZ). And they are 0.73% up over the last 12 months.
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Quick Facts
- The average price of a South Taranaki property is $472,758 (CoreLogic, August 2024)
- Over the last 3 months property prices in South Taranaki have gone up 2.12%
- South Taranaki property prices increased 7.01% per year (on average) in the 20 years between August 2004 - August 2024 (REINZ)
- The average rent in South Taranaki is $470 per week (Tenancy Services, April 2024)
How are South Taranaki property prices changing?
South Taranaki house prices soared after the Covid-19 pandemic began. House prices started out 39% below the eventual peak of the market.
However, after that peak in March 2022, house prices fell 15.46% before bottoming out in May 2023.
Today, South Taranaki house prices are down 10.82% compared to their peak. That means prices have risen 5.48% since the bottom of the market.
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Where is South Taranaki in its property cycle?
At the absolute bottom of its property cycle, South Taranaki was 28.59% undervalued.
Today, property prices in South Taranaki are overvalued 6.58%.
That suggests there is a selling opportunity in South Taranaki.
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South Taranaki suburb prices
I track the value of 7 suburbs in South Taranaki. The most expensive suburb is Hawera, which has an average house value of $510,650. While the most affordable suburb is Manaia, which has an average house value of $337,750.
I track the value of just 1 suburb in South Taranaki. It's called Manaia and you can see how the average property value is changing in the graph below.
I track the value of 7 suburbs in South Taranaki. The most expensive suburb is Hawera, which has an average house value of $510,650. While the most affordable suburb is Manaia, which has an average house value of $337,750.
Over the last 24 months of all South Taranaki suburbs (June 2022 - June 2024, Eltham had the slowest-falling house prices. They have gone down -0.77% over that period.
The suburb that fell the fastest over that period was Opunake. Property values in this suburb fell by 5.55% over those 2 years.
What is the South Taranaki rental market like?
Here's how rents are changing in South Taranaki. Over the last four years (April 2020 - April 2024) the median rent has gone up $187 a week. That's 13.52% a year (on average).
Over the last 12 months, rents have gone down. They are down 9.62% ($50 a week) year on year.
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Are properties selling above or below CV in South Taranaki?
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 Taranaki.
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 Taranaki property market here.