Property Market
5 min read
What's happening with Kapiti Coast house prices?
Council area of Wellington
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 Kapiti Coast house prices?
The average price of a Kapiti Coast property is $849,882 (CoreLogic, June 2024).
Kapiti Coast house prices are down 0.76% over the last three months (REINZ). And they are 2.77% up over the last 12 months.
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Quick Facts
- The average price of a Kapiti Coast property is $849,882 (CoreLogic, August 2024)
- Over the last 3 months property prices in Kapiti Coast have gone down 0.76%
- Kapiti Coast property prices increased 6.11% per year (on average) in the 20 years between August 2004 - August 2024 (REINZ)
- The average rent in Kapiti Coast is $650 per week (Tenancy Services, April 2024)
How are Kapiti Coast property prices changing?
Kapiti Coast house prices soared after the Covid-19 pandemic began. House prices started out 35% below the eventual peak of the market.
However, after that peak in November 2021, house prices fell 23.74% before bottoming out in August 2023.
Today, Kapiti Coast house prices are down 21.63% compared to their peak. That means prices have risen 2.77% since the bottom of the market.
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Where is Kapiti Coast in its property cycle?
At the absolute bottom of its property cycle, Kapiti Coast was 18.22% undervalued.
Today, property prices in Kapiti Coast are overvalued 4.96%.
That suggests there is a selling opportunity in Kapiti Coast.
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Kapiti Coast suburb prices
I track the value of 11 suburbs in Kapiti Coast. The most expensive suburb is Waikanae Beach, which has an average house value of $937,450. While the most affordable suburb is Otaki Beach, which has an average house value of $624,050.
I track the value of just 1 suburb in Kapiti Coast. It's called Otaki Beach and you can see how the average property value is changing in the graph below.
I track the value of 11 suburbs in Kapiti Coast. The most expensive suburb is Waikanae Beach, which has an average house value of $937,450. While the most affordable suburb is Otaki Beach, which has an average house value of $624,050.
Over the last 24 months of all Kapiti Coast suburbs (June 2022 - June 2024, Otaihanga had the slowest-falling house prices. They have gone down -6.95% over that period.
The suburb that fell the fastest over that period was Waikanae Beach. Property values in this suburb fell by 13.60% over those 2 years.
What is the Kapiti Coast rental market like?
Here's how rents are changing in Kapiti Coast. Over the last four years (April 2020 - April 2024) the median rent has gone up $200 a week. That's 9.63% a year (on average).
Over the last 12 months, rents have gone up. They are up 9.61% ($57 a week) year on year.
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Are properties selling above or below CV in Kapiti Coast?
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 Wellington.
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 Wellington property market here.