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What's happening to Thames-Coromandel house prices?

The average price of a Thames-Coromandel property is $1,194,351 (CoreLogic, May 2024)

Thames-Coromandel house prices are down -6.29% over the last three months (REINZ). And they are 4.92% down over the last 12 months.

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Quick facts
  • The average price of a Thames-Coromandel property is $1,194,351 (CoreLogic, May 2024)
  • Over the last 3 months property prices in Thames-Coromandel have gone down -6.29%
  • Thames-Coromandel property prices increased 5.19% per year (on average) in the 20 years between May 2004 - May 2024 (REINZ)
  • The average rent in Thames-Coromandel is $550 per week (Tenancy Services, April 2023)

How are Thames-Coromandel property prices changing?

Thames-Coromandel 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 April 2022, house prices fell 19.71% before bottoming out in June 2023.

Today, Thames-Coromandel house prices are down 18.61% compared to their peak. That means prices have risen 1.38% since the bottom of the market.

Thames-Coromandel District house prices compared to the peak of the market

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Where is Thames-Coromandel in its property cycle?

At the bottom of its property cycle, Thames-Coromandel was 18.19% undervalued. But now prices have caught up.

Today, property prices in Thames-Coromandel are overvalued by 14.18%.

That suggests there is a selling opportunity in Thames-Coromandel.

Is Thames Coromandel District over or undervalued?

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Thames-Coromandel District's suburb prices

Thames-Coromandel

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Thames-Coromandel District is made up of 16 suburbs. The most expensive suburb is Hahei, which has an average house value of $1,739,250. While the most affordable suburb is Thames, which has an average house value of $697,400.

Over the last 24 months of all the Thames-Coromandel District suburbs (Jun 2022 - Jun 2024), Matarangi had the fastest-growing house prices at -3.55% per year.

The suburb that grew the slowest over that period was Tairua, which grew at a rate of -9.06% per year.

What is the Thames-Coromandel rental market like?

Rents have been steadily increasing in Thames-Coromandel. Over the last four years (April 2020 - April 2024) the median rent has gone up $150 a week. That's 8.29% a year (on average).

Over the last 12 months, rents have gone up. They are up 10.00% ($50 a week) year on year.

Are properties selling above or below CV?

One of the most common questions I get asked is: “Ed, are properties selling above or below the Council Valuation (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.

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 Waikato property markets here.

Ed solo

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.

Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.

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