House Prices in South Island Towns

Town Scene, New Zealand
Arrowtown in Autumn

House Prices in Nelson / Timaru / Queenstown / Dunedin / Invercargill

Location May 2016 May 2015 May 2014 May 2013 May 2012 May 2011
Nelson $395,000 $370,000 $362,000 $345,000 $327,000 $335,000
Rangiora $445,000 $427,000 $422,000 $362,000 $345,000 $318,000
Timaru $308,000 $292,000 $271,000 $252,000 $235,000 $220,000
Queenstown $716,000 $598,000 $554,000 $530,000 $520,000 $500,000
Dunedin $300,000 $272,000 $272,000 $259,000 $253,000 $245,000
Invercargill $202,000 $198,000 $194,000 $197,000 $197,000 $190,000

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, average house prices have risen over the past few years in South Island towns. Using 12 monthly median data, average house prices in Nelson and Timaru have seen prices rise by 7 and 5 percent respectively over five years to May 2016. Dunedin house prices have risen by more than 10 per cent over the same period.

QV homevalue Dunedin Registered Valuer, Duncan Jack said, “The Dunedin market is buoyant and is experiencing strong levels of activity and demand leading to rising values. There is a shortage of listings on the market and while this has been the case for quite some time, it appears more pronounced currently so this could be due to the traditional winter slow down.”

Figures from Quotable Value show that Queenstown Lakes area has the most expensive property values in the South Island. Properties had an average value of $899,000 over the last three months to June 2016. This is an increase of 25 per cent from a year ago.

Return to the NZ House Prices page.