Tasman Property Market

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

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Ed McKnight

Economist, property investor and host of the Property Academy Podcast
Introduction

Looking to Invest or buy a property in Tasman?

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

The Tasman property market is made up of 1 district, also named Tasman, and 16 suburbs.

Median Tasman House Price

Tasman's Median House Price is $920,000

As at December 2021, the median house price in Tasman is $920,000. This is up from $357,500 10 years earlier. That means that the median Tasman property increased in value by 9.91% each year, or $56,250 on average.

The most expensive suburb in Tasman is Kaiteriteri, which has a median house price of $1,249,500. That means that Kaiteriteri's median house price is 1.36x the region's median.

The least expensive suburb in Tasman is Takaka, which has a median house price of $609,300. That means that Takaka's median house price is 33.77% cheaper than Tasman's median.

Tasman House Prices Comparison with NZ

Tasman's Median House Price is 0.23% below its long term average

On average, over the last 28 years, Tasman's median house price has been 99.38% of New Zealand’s median house price.

Assuming the long term fundamentals of either property market have not changed, Tasman's median house price should trackback to this long term average.

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

As of December 2021, Tasman's median house price was 99.15% of New Zealand’s median house price. That is 0.23% below its long term ratio, which suggests that Tasman's house prices are where we would expect them to be over the long term relative to the rest of the country.

Council Breakdown – Over/Undervalued

Where are House Prices Most Over and Undervalued within the Tasman Region?

This map shows a breakdown of how over or under-valued each council area is right now in and around the Tasman property market. While we know Nelson and Marlborough aren't part of the Tasman region, they have been included for a better comparison and because we know some of you will want to invest there! These figures are calculated exactly the same way as the graph in the above section.

Tasman's house prices appears to be the least under-valued. House prices there are about 3.72% lower than where we would usually expect them to be over the long term.

Marlborough, on the other hand, appears to be the most under-valued. House prices in this district appear to be 6.76% below where we would expect them to be.

This means that we've got greater confidence that Marlborough would receive a higher rate of capital growth (house price increases) over the next 5-10 years compared to Tasman

Affordability

Where Are the Most Affordable Property In the Tasman?

The map below depicts which districts in and around the Tasman Region have the most and least affordable house prices (REINZ, December 2021).

The darker the district, the more expensive the average house price for that area...

The Tasman district is by far the most expensive district of the 3 regions displayed above, with properties reaching an average price of $920,000 (December 2021).

By comparison, the Marlborough District is the most affordable, with an average house price of just $700,000. That's a significant $220,000 difference compared to Tasman.

Population Growth

Which Part of Tasman Gets The Highest Population Growth?

The map below illustrates the projected population growth for each district in and around the Tasman Region over the next 25 years (2018 - 2043).

The darker the district, the more the population is predicted to expand in that area...

Over this period, the Nelson district is expected to see the most growth of all the council areas in and around the region – 11.97% in total. (Yes, it's confusing that there is both a Nelson District and a Nelson Region).

By contrast, the Marlborough district is expected to expand by just 2.61% over the same timeframe.

The Tasman district in comparison is still expected to grow by 8.77% during this time.

Tasman District Property Market

Tasman District Property Market

Over the last 24 months of all Tasman suburbs (Dec 2019 - Dec 2021), Takaka had the fastest-growing house prices, at 18.76% per year. That is 29.20% faster than the median Tasman house price.

The suburb that grew the slowest over that period was Ruby Bay, which grew at a rate of 12.68% per year. That’s 12.67% slower than the median Tasman house price.

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.

1601614029185

Ed McKnight

Ed McKnight is the host of the Property Academy Podcast – NZ's #1 business podcast. He is an economist, having studied at the University of Auckland and the University of Waikato. He's a frequent writer for Informed Investor Magazine and has contributed to NewsHub, Stuff, OneRoof and Property Investor Magazine.