What's happening with Thames-Coromandel house prices?

Council area of Waikato

Explore Thames-Coromandel's property market for the latest trends, house prices, market cycles, rental yields, and top investment suburbs

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.

Last Updated: 27 Oct 2024

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What's happening to Thames-Coromandel house prices?

The average price of a Thames-Coromandel property is $1,193,828 (CoreLogic, June 2024).

Thames-Coromandel house prices are up 2.22% over the last three months (REINZ). And they are 8.60% down over the last 12 months.

Quick Facts

The average price of a Thames-Coromandel property is $1,193,828 (CoreLogic, September 2024)
Over the last 3 months property prices in Thames-Coromandel have gone up 2.22%
Thames-Coromandel property prices increased 5.42% per year (on average) in the 20 years between September 2004 - September 2024 (REINZ)
The average rent in Thames-Coromandel is $550 per week (Tenancy Services, April 2024)

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 21.01% before bottoming out in August 2023.

Today, Thames-Coromandel house prices are down 17.78% compared to their peak. That means prices have risen 4.09% since the bottom of the market.

Where is Thames-Coromandel in its property cycle?

At the absolute bottom of its property cycle, Thames-Coromandel was 18.28% undervalued.

Today, property prices in Thames-Coromandel are overvalued 12.67%.

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

Thames-Coromandel suburb prices

I track the value of 16 suburbs in Thames-Coromandel. The most expensive suburb is Pauanui, which has an average house value of $1,509,900. While the most affordable suburb is Thames, which has an average house value of $681,200.

I track the value of just 1 suburb in Thames-Coromandel. It's called Thames and you can see how the average property value is changing in the graph below.

Over the last 24 months of all Thames-Coromandel suburbs (June 2022 - June 2024, Matarangi had the slowest-falling house prices. They have gone down -4.48% over that period.

The suburb that fell the fastest over that period was Tairua. Property values in this suburb fell by 19.21% over those 2 years.

What is the Thames-Coromandel rental market like?

Here's how rents are changing 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 in Thames-Coromandel?

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 Waikato.

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 market here.