How property prices have changed in a decade

Thursday, 13 February 2025

Cobden's house prices are the fastest growing in New Zealand over the last five years

Average asking property prices rose by at least 50% in nearly all New Zealand regions over the past decade.

Auckland's average asking property price increased by 29.5%, the lowest among regions.

Nationally, the average asking price rose by 60.3% from $556,931 to $892,579 in 10 years.

Over the past decade, average asking property prices have more than doubled in nine of New Zealand’s 19 regions.

Data from realestate.co.nz found also nearly all of the other locations saw increases of at least 50%.

But Auckland was the exception, with average asking prices rising by only 29.5% over the decade.

Gisborne had the largest increase in the average asking price, increasing 138.5% from $308,143 in 2014 to $677,570 in 2024.

Nationally, the average asking price rose by 60.3% over 10 years, from $556,931 in the beginning of 2015 to $892,579 at the end of 2024.

Vanessa Williams, spokesperson for realestate.co.nz, said the data signalled that despite market fluctuations, the average asking price tend to rise over time.

Realestate.co.nz spokesperson Vanessa Williams.

“While the data doesn’t completely confirm the prices double every decade, belief, it does show that property values have grown strongly over time. How much they’ve grown depends on where you are across the motu and what part of the property cycle we are in,” she said.

The biggest price jumps happened outside New Zealand’s main centres. Gisborne led the way with the average asking price up 138.5%, increasing from $308,143 in 2014 to $677,570 in 2024, followed by Manawatu/Whanganui up 128.6% from $270,262 to 626,491.

The Central North Island rose 126.6% from $352,917 to $791,100, Southland increased 112.2% from $249,822 to $546,216 and the Coromandel rose 111.4% from $505,799 to $1,121,889.

The Wairarapa increased 110.1% from $325,460 to $744,363, Hawke’s Bay up 106.9% from $375,151 to 776,527, Central Otago Lakes District up 106.6% from $709,919 to $1,566,623 and Waikato up 102.9% from $386,256 to $823,352.

Otago, Taranaki and Marlborough came close to doubling, with average asking prices rising 98.6%, 97.7% and 97.3%, respectively.

Williams described the growth in regions such as Gisborne, Coromandel, and the Central North Island as “remarkable”.

“Kiwis recognise the lifestyle and investment opportunities beyond our main centres.

“Each region has its own unique market dynamics and opportunities - and we’re seeing strong long-term growth even in areas that may have been overlooked.”

Looking at the main centres, Auckland’s average asking price rose 29.5% from $733,441 to $1,096,177, Wellington rose 78% from $470,686 to $840,423 and Canterbury rose 55.5% from $456,800 to $733,483.

Over the decade the market went through three stages. From 2014 to 2019 there were steady price rises across most regions. From 2020 to 2021 there was a sharp jump in prices driven by high demand, low interest rates, and limited travel during the Covid-19 pandemic. And from 2022 to 2024 there was cooling, correction and stabilisation following the 2021 market peak.

“Even with recent price drops, houses are worth much more than they were a decade ago. Like any investment, property is a long game. Those who have the luxury of staying in the market are most likely to reap the gains,” Williams said.