homes.co.nz Monthly Property Update – July 2019

It’s good to see the new Gondala opening at Mt Ruapehu next week! In light of this and the upcoming ski season, we’ve taken a look at the price of property in ski-towns around the country. 

Property prices in central North Island towns close to Mt Ruapehu have been growing strongly recently, including Horopito (Median HomesEstimate up 26.9%), Turangi (up 21.5%), and Waiouru (up 17.8%). With the ongoing investment in the Mt Ruapehu ski area, it is possible that this strong growth will continue. These areas have also typically been some of the cheaper areas close to the snow with median HomesEstimates approx. $200k, and contrast with the deep south where Wanaka and Arrowtown both have median HomesEstimates exceeding $1M. Check out this Stuff article for where you still might be able to afford a ski-batch around New Zealand.

The biggest ski-town gains were seen in Ohau (access to Ohau Ski Area) near Twizel in the South Island. The Median HomesEstimate in this town increased by 48%, but this was largely due to the development of empty sections into new homes.

Below are a few examples of recent sales and what you can expect for your money around the country.


Trends in our Main Cities

Taking a longer-term view (if only by a few months) clearly contrasts the current Auckland market with the rest of the country. Auckland is the only main centres where the median HomesEstimate has decreased since this time last year.

The median HomesEstimate in Auckland is down 3.6% in the last 12 months, while Wellington and Dunedin have both continued to grow strongly with the median HomesEstimate up by 11.3% and 13.4%, respectively. Steady growth also continues in Tauranga (up 7%) and Hamilton (up 8.7%) and Christchurch continues to be flat.

Established in 2013, homes.co.nz is NZ’s first free property information portal eager to share free property information to New Zealanders.

NZ’s First Home Buyer HomesEstimate

How do we calculate these figures?

The homes.co.nz Monthly Property Update is generated using homes.co.nz’s monthly HomesEstimates and provides an up-to-date perspective on house values around New Zealand. By valuing the entire housing stock, the homes.co.nz Monthly Property Update can compare median values from month to month in a consistent and reliable way. Our HomesEstimates are calculated for almost every home in New Zealand by an algorithm that identifies the relationships between sales prices and the features of a property.

The homes.co.nz Monthly Property Update is generated using homes.co.nz’s July 2019 HomesEstimates, providing an up-to-date perspective on house values around New Zealand.

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The Data Team - homes.co.nz (Tom Lintern - Chief Data Scientist)

About the author

Tom Lintern is homes.co.nz’s data guy and is in the know when it comes to the property market. If you have a burning question for the homes.co.nz data team, send it through to insights@homes.co.nz and we’ll take a look!