New figures reveal New Zealand areas with fastest-rising - and falling - house prices

  • 01/12/2023
Lock and key.
Average values rose in Wellington's Upper Hutt and Porirua last month, while prices fell in Auckland's Manukau and Papakura, data shows. Photo credit: Getty Images

New figures show which New Zealand areas have the fastest rising house prices and the most expensive areas of the country. 

CoreLogic's house price index not only provides the national property value figure but also gives insights into how prices vary across New Zealand. 

Kelvin Davidson, CoreLogic's chief property economist, said average values rose in Wellington's Upper Hutt and Porirua last month, while prices fell in Auckland's Manukau and Papakura. 

And while national property values rose by 0.7 percent last month, he said variability was evident from region to region, which could be the case for the coming months. 

"This month's results serve as a further reminder that this upturn may not be all one-way traffic," Davidson said. "The patchiness in property values by sub-region, even though wider market averages have started to turn around, could well remain a feature in the coming months, in Auckland and elsewhere too." 

New figures reveal New Zealand areas with fastest-rising - and falling - house prices
Photo credit: CoreLogic

Auckland 

North Shore remained the highest-priced area in Auckland, with an average value of $1.46 million. North Shore's value rose by 1.8 percent last month - by far the most in the city. 

At the other end of the scale, the largest drop in Auckland last month was in Papakura, down 0.4 percent to an average value of $929,107. 

Auckland's overall value rose 0.7 percent to $1.27 million. 

New figures reveal New Zealand areas with fastest-rising - and falling - house prices
Photo credit: CoreLogic

Hamilton 

With an average property value of $805,125, Hamilton has the third-lowest average property value of New Zealand's main centres. 

However, Hamilton had the second-biggest main centre rise last month of 0.9 percent - above the 0.7 percent national average. 

Tauranga 

Average values in Tauranga remained above the $1 million mark but were down 0.6 percent for the quarter and 5.7 percent year-on-year. 

However, Tauranga's values rose 0.7 percent last month. 

Tauranga Port.
Port of Tauranga. Photo credit: Getty Images

Wellington 

The city centre was the priciest area of Wellington last month, with an average value of $1.02 million.  

Porirua and Lower Hutt had the highest growth in November (1.5 percent) while Kāpiti Coast, Upper Hutt and Wellington City all grew by 0.6 percent. 

As of last month, Wellington's total average value was $901,387 - up 0.9 percent.

New figures reveal New Zealand areas with fastest-rising - and falling - house prices
Photo credit: CoreLogic

Christchurch 

The Garden City has an average house value of more than $745,000. 

Christchurch has seen values fall by 1.1 percent in the past year but recorded gains of 0.7 percent last month and 2 percent for the quarter. 

Dunedin 

The southern city is the cheapest of New Zealand's main centres ($627,329). However, its average value rose by the most of Aotearoa's big cities last month - recording 1.9 percent growth.