What's happening with Masterton house prices?

Council area of Wellington

Explore Masterton'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: 24 Apr 2025

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What's happening to Masterton house prices?

The average price of a Masterton property is $564,659 (CoreLogic, February 2025).

Quick Facts

The average price of a Masterton property is $564,659 (CoreLogic, March 2025)
Over the last 3 months property prices in Masterton have gone down 0.59%
Masterton property prices increased 5.47% per year (on average) in the 20 years between March 2005 - March 2025 (REINZ)
The average rent in Masterton is $500 per week (Tenancy Services, February 2025)

How are Masterton property prices changing?

Masterton house prices soared after the Covid-19 pandemic began. House prices started out 36% below the eventual peak of the market.

Where is Masterton in its property cycle?

At the absolute bottom of its property cycle, Masterton was 23.12% undervalued.

Masterton suburb prices

I track the value of 5 suburbs in Masterton. The most expensive suburb is Lansdowne, which has an average house value of $599,050. While the most affordable suburb is Masterton, which has an average house value of $515,800.

Over the last 24 months of all Masterton suburbs (February 2023 - February 2025, Lansdowne had the slowest-falling house prices. They have gone down -2.93% over that period.

The suburb that fell the fastest over that period was Masterton. Property values in this suburb fell by 5.04% over those 2 years.

What is the Masterton rental market like?

Here's how rents are changing in Masterton. Over the last four years (February 2021 - February 2025) the median rent has gone up $70 a week. That's 3.84% a year (on average).

Are properties selling above or below CV in Masterton?

One of the most common questions I get asked is: “Ed, are properties selling above or below their Capital Value (CV)?”

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.