House Prices in South Island Towns

Town Scene, New Zealand
Arrowtown in Autumn

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

LocationAugust 2018August 2017August 2016August 2015
Nelson$588,100$538,100$473,600$415,700
Rangiora / Waimakariri District$441,900$434.300$427,500$417,400
Timaru District$360,500$353,400$327,000$307,900
Queenstown – Lakes District$1,161,200$1,098,000$930,200$731,100
Dunedin$415,900$375,800$333,900$299,500
Invercargill$272,900$240,700$228,600$208,000

Market Analysis

The prices above are average property values from QV.co.nz with data sourced from CoreLogic.

According to data from QV, house values have increased markedly over the past few years in South Island towns. From the selection above, average house values in August 2018 ranged from $272,900 in Invercargill City to $1,161,200 in Queenstown Lakes District.

CoreLogic head of research Nick Goodall said, “Both first home buyers and investors remain active. First home buyers continue to take advantage of the availability of their KiwiSaver funds, while investors appear undaunted by yet more announcements which are likely to impact their profitability.”

He continued, “Potential changes which could impact investors was the government’s Tax Working Group interim report which floated two possible options of ‘tax on capital assets’, designed to make the tax system ‘fairer'”.

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 $1,161,200 in August 2018. This is an increase of 5.7 per cent from a year ago.

Strong demand from owner occupiers saw Invercargill property values increase by 2.1 percent in August, taking the annual rate to 13.3 per cent – the strongest percentage change in over ten years for the Deep South.

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