House Prices in North Island Towns

Houses in New Zealand's North Island
North Island Houses

House Prices Whangarei / Hamilton / Tauranga / Napier / New Plymouth / Palmerston North

Location May 2013 May 2012 May 2011 May 2010 May 2009 May 2008
Whangarei $270,000 $275,000 $284,000 $286,250 $289,000 $315,000
Hamilton $335,000 $330,000 $330,000 $330,000 $324,000 $348,000
Tauranga $346,000 $345,000 $330,000 $354,000 $340,000 $368,000
Napier $295,000 $290,000 $297,000 $295,500 $294,000 $300,000
New Plymouth $322,000 $300,000 $307,000 $319,800 $295,000 $317,000
Palmerston North $270,000 $268,000 $265,000 $265,000 $260,000 $285,000

Market Analysis

The prices above are medians taken over 12 month periods, sourced by the Real Estate Institute of New Zealand.

According to data from REINZ, house prices have remained fairly stable over the past few years in North Island towns. Using 12 month median data, house prices in New Plymouth have increased in the five year period to May 2013, while the other five towns have decreased in price. From the selection above, average house prices in May 2013 range from $270,000 in Whangarei and Palmerston North to $346,000 in Tauranga.

Figures from Quotable Value (QV) show that property values in Tauranga and Whangarei are currently still more than 10 per cent below their previous market peaks in 2007. Property values in Palmerston North have almost returned to their 2007 level.

QV Valuer Paul Thomas said concerning the Tauranga market, “Although there is increased confidence this hasn’t translated to an increase in values. There is continued buyer enquiry from Aucklanders, however few are actually turning into purchasers due to lack of employment opportunities.”

Other North Island Towns
Over the three months to May 2013 average property values from QV were $270,000 in Rotorua, $348,000 in Taupo and $229,000 in Gisborne.

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