Median house prices rise in nearly 60 percent of suburbs across Aotearoa, says CoreLogic

Over the past quarter, median house prices rose across six out of ten suburbs - but it's still patchy from area to area, says CoreLogic.
Over the past quarter, median house prices rose across six out of ten suburbs - but it's still patchy from area to area, says CoreLogic. Photo credit: Newshub.

Median house prices rose in nearly 60 percent of suburbs across the motu in the past three months, according to CoreLogic.

The property data company says 549 out of 935 suburbs it analysed across Aotearoa (about 59 pct) saw a rise in median house prices in Q4.

The remaining suburbs' median prices fell, with just under half falling more than 1 percent.

CoreLogic's chief property economist Kelvin Davidson said over the past quarter about one in ten suburbs had price rises of at least 2 percent.

Meanwhile, seven suburbs saw prices skyrocket by at least 5 percent.

"Four out of the seven 'fast-riser' suburbs currently have median values under $500k," he said.

"They are Blaketown and Cobden in Grey District, Pātea in South Taranaki, and Wellington Central."

The data points to a slow and steady spread of Aotearoa's housing market "recovery" to more suburbs, "but the trend is not nationwide yet", said Davidson.

It comes as mortgage rates reach their likely peak, employment continues to rise, net migration is at record highs, and credit conditions ease, he said.

The housing market is likely to bounce around from month to month and region to region, Davidson noted.

"With mortgage rates still high and affordability stretched in many areas, an underwhelming upturn remains on the cards for 2024."

In the year to March, there were 27 suburbs where median prices rose by at least 5 percent - but they were largely in Tāmaki Makaurau/Auckland, Pōneke/Wellington, and Tāhuna/Queenstown.

Tāhuna/Queenstown has shown "market resilience", according to Davidson, with prices up 10.6 pct in "standout" Sunshine Bay over the past year.


Tāmaki Makaurau / Auckland

More than half of the supercity's suburbs saw house prices rise, including 10 which shot up at least 5 percent.

Herne Bay is the most expensive suburb ($3.31m), while apartment-dense Manukau and Auckland CBD have the lowest median prices (under $600k).

Kirikiriroa / Hamilton

House price falls were widespread across the river city in the past year, but prices in 13 suburbs have shot up since December, including Fairview Downs and Claudelands.

Harrowfield is the most expensive suburb ($1.11m) and Bader is the cheapest suburb ($591k).

Tauranga Moana / Tauranga

Fourteen suburbs saw prices rise over the past quarter, including Pōike, Parkvale, and Judea.

Eight Tauranga suburbs now have a median price above $1m.

Mauao/Mount Maunganui takes the crown for the most expensive houses ($1.32m) while Parkvale is the least expensive ($666k).

Pōneke / Wellington

Davidson said median house prices fell sharply here recently, however, since December the recovery has been "much clearer".

Sixteen suburbs saw prices drop in the past quarter, while 11 suburbs saw prices rise at least 3 percent.

Seatoun is the priciest suburb ($1.74m) while the apartment-filled CBD is the cheapest ($485k).

House prices in Karaka Bays have fallen the most over the past 12 months (down 5.3 pct).

Ōtautahi / Christchurch

All but seven of the 82 suburbs analysed in the garden city had an increase in median prices over the past year.

Seventeen suburbs saw price gains of at least 3 percent.

Fendalton has the priciest houses ($1.66m), while Phillipstown has the cheapest ($447k).

The suburb with the biggest price falls in the past 12 months is Kirwee.

Ōtepoti / Dunedin

Over the past quarter, 39 out of 61 suburbs assessed had price gains.

Prices rose the fastest in North Dunedin (3.6 pct) and Dunedin Central (3.5 pct) since December.

Māori Hill is the only suburb with a median price over $1m, while Vauxhall ($976k) isn't far behind. The cheapest spot is flood-prone South Dunedin ($407k).