Property Market
5 min read
What's happening with Grey house prices?
Council area of West Coast
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 Grey house prices?
The average price of a Grey property is $413,654 (CoreLogic, June 2024).
Grey house prices are down 0.34% over the last three months (REINZ). And they are 8.61% up over the last 12 months.
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Quick Facts
- The average price of a Grey property is $413,654 (CoreLogic, November 2024)
- Over the last 3 months property prices in Grey have gone down 0.34%
- Grey property prices increased 5.85% per year (on average) in the 20 years between November 2004 - November 2024 (REINZ)
- The average rent in Grey is $430 per week (Tenancy Services, October 2024)
How are Grey property prices changing?
Grey house prices soared after the Covid-19 pandemic began. House prices started out 46% below the eventual peak of the market.
However, after that peak in April 2022, house prices fell 14.25% before bottoming out in June 2022.
Today, Grey house prices are down 3.41% compared to their peak. That means prices have risen 24.25% since the bottom of the market.
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Where is Grey in its property cycle?
At the absolute bottom of its property cycle, Grey was 33.71% undervalued.
Today, property prices in Grey are overvalued 0.58%.
That suggests there is neither a buying or selling opportunity in Grey.
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Grey suburb prices
I track the value of 8 suburbs in Grey. The most expensive suburb is Paroa, which has an average house value of $635,700. While the most affordable suburb is Runanga, which has an average house value of $288,450.
I track the value of just 1 suburb in Grey. It's called Runanga and you can see how the average property value is changing in the graph below.
I track the value of 8 suburbs in Grey. The most expensive suburb is Paroa, which has an average house value of $635,700. While the most affordable suburb is Runanga, which has an average house value of $288,450.
Over the last 24 months of all Grey suburbs (June 2022 - June 2024, Cobden had the fastest-growing house prices. They have gone up 21.73% over that period.
The suburb that grew the slowest over that period was Greymouth. Property values in this suburb grew by 10.89% over those 2 years.
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What is the Grey rental market like?
Here's how rents are changing in Grey. Over the last four years (October 2020 - October 2024) the median rent has gone up $140 a week. That's 10.35% a year (on average).
Over the last 12 months, rents have gone up. They are up 2.38% ($10 a week) year on year.
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Are properties selling above or below CV in Grey?
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 West Coast.
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 West Coast property market here.