House Prices in South Island Towns

Town Scene, New Zealand
Arrowtown in Autumn

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

LocationMarch 2017May 2016May 2015May 2014May 2013May 2012
Nelson$458,000$395,000$370,000$362,000$345,000$327,000
Rangiora$447,000$445,000$427,000$422,000$362,000$345,000
Timaru$336,000$308,000$292,000$271,000$252,000$235,000
Queenstown$860,000$716,000$598,000$554,000$530,000$520,000
Dunedin$330,000$300,000$272,000$272,000$259,000$253,000
Invercargill$218,000$202,000$198,000$194,000$197,000$197,000

Market Analysis

The prices above are medians taken over 12 month periods (10 month to March 2017), sourced by the Real Estate Institute of New Zealand.

According to data from REINZ, average house prices have risen substantially over the past few years in South Island towns. Average house prices in Queenstown have seen prices rise by 65 percent between may 2012 and March 2017. Dunedin, Timaru, Rangiora and Nelson house prices have risen by more than 30 per cent over the same period.

QV homevalue Dunedin Registered Valuer, Aidan Young said in the July 2017 market update, “Demand for residential property in Dunedin remains strong and there are very low listing levels but the rate of value growth has slowed over the winter months. First home buyers are now more active in nearby regional centres following recent value growth in Dunedin city in particular in places like Milton and Balclutha where entry level property is more affordable.”

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 $1,092,000 over the last three months to July 2017. This is an increase of 20 per cent from a year ago.

Return to the NZ House Prices page.

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