Property Market
5 min read
What's happening with Tasman house prices?
Council area of Tasman
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 Tasman house prices?
The average price of a Tasman property is $818,708 (CoreLogic, June 2024).
Tasman house prices are up 0.98% over the last three months (REINZ). And they are 2.72% up over the last 12 months.
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Quick Facts
- The average price of a Tasman property is $818,708 (CoreLogic, November 2024)
- Over the last 3 months property prices in Tasman have gone up 0.98%
- Tasman property prices increased 4.73% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- The average rent in Tasman is $580 per week (Tenancy Services, October 2024)
How are Tasman property prices changing?
Tasman house prices soared after the Covid-19 pandemic began. House prices started out 26% below the eventual peak of the market.
However, after that peak in October 2021, house prices fell 15.10% before bottoming out in August 2023.
Today, Tasman house prices are down 11.94% compared to their peak. That means prices have risen 3.72% since the bottom of the market.
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Where is Tasman in its property cycle?
At the absolute bottom of its property cycle, Tasman was 13.22% undervalued.
Today, property prices in Tasman are undervalued 4.09%.
That suggests there is a buying opportunity in Tasman.
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Tasman suburb prices
I track the value of 16 suburbs in Tasman. The most expensive suburb is Redwood Valley, which has an average house value of $1,262,950. While the most affordable suburb is Takaka, which has an average house value of $640,150.
I track the value of just 1 suburb in Tasman. It's called Takaka and you can see how the average property value is changing in the graph below.
I track the value of 16 suburbs in Tasman. The most expensive suburb is Redwood Valley, which has an average house value of $1,262,950. While the most affordable suburb is Takaka, which has an average house value of $640,150.
Over the last 24 months of all Tasman suburbs (June 2022 - June 2024, St Arnaud had the fastest-growing house prices. They have gone up 0.71% over that period.
The suburb that fell the fastest over that period was Hope. Property values in this suburb fell by 9.90% over those 2 years.
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What is the Tasman rental market like?
Here's how rents are changing in Tasman. Over the last four years (October 2020 - October 2024) the median rent has gone up $110 a week. That's 5.40% a year (on average).
Over the last 12 months, rents have gone up. They are up 16.00% ($80 a week) year on year.
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Are properties selling above or below CV in Tasman?
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 Tasman.
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 Tasman property market here.