Property Market
5 min read
What's happening with South Wairarapa 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 South Wairarapa house prices?
The average price of a South Wairarapa property is $732,930 (QV, January 2026).
South Wairarapa house prices are up 3.24% over the last three months (REINZ). And they are 3.73% down over the last 12 months.
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Quick Facts
- The average price of a South Wairarapa property is $732,930 (QV, January 2026)
- Over the last 3 months property prices in South Wairarapa have gone up 3.24%
- South Wairarapa property prices increased 6.65% per year (on average) in the 20 years between January 2006 - January 2026 (REINZ)
- The average rent in South Wairarapa is $550 per week (Tenancy Services, December 2025)
How are South Wairarapa property prices changing?
South Wairarapa house prices soared after the Covid-19 pandemic began. House prices started out 43% below the eventual peak of the market.
However, after that peak in December 2021, house prices fell 34.70% before bottoming out in December 2025.
Today, South Wairarapa house prices are down 29.65% compared to their peak. That means prices have risen 7.73% since the bottom of the market.
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Where is South Wairarapa in its property cycle?
At the absolute bottom of its property cycle, South Wairarapa was 38.14% undervalued.
Today, property prices in South Wairarapa are overvalued 17.97%.
That suggests there is a selling opportunity in South Wairarapa.
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South Wairarapa suburb prices
I track the value of 4 suburbs in South Wairarapa. The most expensive suburb is Martinborough, which has an average house value of $899,950. While the most affordable suburb is Featherston, which has an average house value of $524,350.
Over the last 24 months of all South Wairarapa suburbs (January 2024 - January 2026, Martinborough had the fastest-growing house prices. They have gone up 1.77% over that period.
The suburb that fell the fastest over that period was Featherston. Property values in this suburb fell by 3.99% over those 2 years.
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What is the South Wairarapa rental market like?
Here's how rents are changing in South Wairarapa. Over the last four years (December 2021 - December 2025) the median rent has gone down $-10 a week. That's -0.45% a year (on average).
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Are properties selling above or below CV in South Wairarapa?
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 4% above CV.
The area in Wellington selling the lowest vs CV is Porirua City where house prices are selling 6% 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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