Property Market
5 min read
What's happening with Masterton house prices?
Council area of Wellington
Author: Ed McKnight
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 Masterton house prices?
The average price of a Masterton property is $567,032 (QV, February 2026).
Masterton house prices are down 3.09% over the last three months (REINZ). And they are 2.34% down over the last 12 months.
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Quick Facts
- The average price of a Masterton property is $567,032 (QV, February 2026)
- Over the last 3 months property prices in Masterton have gone down 3.09%
- Masterton property prices increased 4.75% per year (on average) in the 20 years between February 2006 - February 2026 (REINZ)
- The average rent in Masterton is $500 per week (Tenancy Services, January 2026)
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.
However, after that peak in April 2022, house prices fell 25.10% before bottoming out in January 2025.
Today, Masterton house prices are down 23.34% compared to their peak. That means prices have risen 2.35% since the bottom of the market.
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Where is Masterton in its property cycle?
At the absolute bottom of its property cycle, Masterton was 23.24% undervalued.
Today, property prices in Masterton are overvalued 5.21%.
That suggests there is a selling opportunity in Masterton.
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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 $595,150. While the most affordable suburb is Masterton, which has an average house value of $515,100.
Over the last 24 months of all Masterton suburbs (February 2024 - February 2026, Masterton had the fastest-growing house prices. They have gone up 1.97% over that period.
The suburb that grew the slowest over that period was Lansdowne. Property values in this suburb grew by 0.46% over those 2 years.
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What is the Masterton rental market like?
Here's how rents are changing in Masterton. Over the last four years (January 2022 - January 2026) the median rent has gone up $17 a week. That's 0.87% a year (on average).
Over the last 12 months, rents have gone down. They are down 9.09% ($50 a week) year on year.
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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)?'
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.
The area in Wellington selling the highest vs CV is Kapiti Coast District where house prices are current selling 7% above CV.
The area in Wellington selling the lowest vs CV is Wellington City where house prices are selling 2% below 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.
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This property market information is for your general information. It’s not financial advice. See here for details about our Financial Advice Provider Disclosure. So Opes isn’t telling you what to do with your own money.
We’ve made every effort to make sure the information is accurate. But property markets change, and we occasionally get the odd fact wrong. Make sure you do your own research or talk to a financial adviser before making any investment decisions.
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