New Zealand House Prices in 2024: Guide
According to the Global Cost of Property report, New Zealand ranks as the 6th least affordable country to buy a house in the world. New Zealand has plenty of space to build new homes. However, house prices are soaring year after year, making this place unaffordable for many average earners. Despite this fact, the demand for housing is pretty high, and houses are sold pretty quickly.
As of the latest REINZ report, the median house price in New Zealand in June 2023 was NZ$780,000, or approximately US$474,000. This is an 8.2% decline from June 2022. A detached house with three bedrooms, a bathroom, and 1-car parking in Auckland sells for an average of NZ$1,000,000 (-12.5%). House prices in New Zealand vary entirely on the location and house condition. Prices range from NZ$350,000 (US$223,359) to NZ$1,382,722 (US$875,332).
Statistics show that the average price of buying property in New Zealand is US$4,461 or NZ$6,602 per square meter. If you want to own a home in New Zealand, you need to choose a location wisely since there is a significant difference from city to city, with Auckland being extremely expensive.
- Nationwide, New Zealand experiences a shortage in supply where new listings have decreased by 21.2%, from 7,893 listings to 6,218 year-on-year.
- However, the number of sales has increased by 14.6% from 2022.
- How long it takes to buy a house? 49 days on average.
Read this article to find more information about current home prices and other information about buying a house in New Zealand.
What is the cheapest house in New Zealand?
How much does a house cost in New Zealand in 2024?
The discrepancy between the average income and the average home price in New Zealand is very high, making it the sixth most unaffordable place in the world to buy a house.
But here are some good news. New Zealand’s house costs have gotten an unusual turnaround in recent months. Instead of houses drastically increasing in price, they’re reducing with huge amounts. Rising mortgage and cash rates are the main factors leading to this unexpected price fall.
In June 2023, the median house price across New Zealand was NZ$780,000. The average house price in November 2022 was 8,2% lower than in November 2021, NZ$945,568 and NZ$1,029,820, respectively. 2020 and 2021 were some of the best years in the housing market.
In contrast, in November 2017, an average home in New Zealand was selling for just NZ$669,468.
As of the latest report from June 2023, The Real Estate Institute of New Zealand estimates the following house prices in major NZ regions (vs June 2022):
| Region | Median house price (NZ$) | Change from June 2022 |
|---|---|---|
| Auckland | $1,000,000 | -12.5% |
| Northland | $675,000 | -4.9% |
| Bay of Plenty | $840,000 | -6.7% |
| Gisborne | $575,000 | -7.3% |
| Waikato | $737,300 | -12.2% |
| Taranaki | $570,000 | -0.9% |
| Manawatu- Whanganui | $540,000 | -6.6% |
| Wellington | $765,000 | -9.8% |
| Tasman | $800,000 | -7.5% |
| Hawke’s Bay | $680,000 | -0.7% |
| Otago | $650,000 | -13.3% |
| Nelson | $650,000 | -17.2% |
| Marlborough | $645,000 | -10.4 |
| Canterbury | $655,000 | -4.4% |
| Southland | $423,500 | -5,2% |
| West Coast | $400,000 | +35.4% |
Below are seasonally adjusted median house prices in May 2023 vs June 2022. As you can see, the negative trend persists.
Northland
In Northland, median prices decreased by 4.9% year-on-year to NZ$675,000. The median house price in Kaipara District is NZ$830,000, and NZ$695,000 in Whangarei District as of June 2023.
Wellington
The median house price in Wellington has declined by 9.8% from 2022 to NZ$765,000 in June 2023. Wellington City hosts the highest prices, with an average of NZ$881,000. Masterton and Carterton Districts are the cheapest (NZ$550,000).
Starting from NZ$525,000 (US$333,913), you can buy a 60 m2 apartment with one bedroom and one bathroom in Wellington. You can get a detached house in New Zealand’s capital from NZ$800,000 (US$517,759) – NZ$1,000,000 (US$647,199).
In Wellington’s Woodridge, you’ll get a 140 m2 house in good condition and access to shops and other amenities for NZ$795,000.
Also read: Best places to buy a house in NZ.
Waikato
In the Waikato region, median prices have declined 12.2% year-on-year to NZ$737,300.
Hamilton
Hamilton is located in Waikato, just next to Auckland on the North Island. The median house cost in this area is NZ$760,000 in 2023. A simple 3-bedroom detached house in Fairfield, Hamilton City, costs approximately NZ$549,000 (US$349,177).
On the same page, you can find other high-end 3-bedroom houses in the same location starting at NZ$740,000 (US$470,658).
Bay of Plenty
The medium house price in the Bay of Plenty is NZ$840,000 (-6,7%). The most expensive suburb in the Bay of Plenty is Mt. Maunganui, with a median house price of NZ$1,484,100.
A 70 m2 2 bedroom townhouse could set you back NZ$795,000 (US$514,520), while a family house with three double bedrooms could set you back NZ$1,076,000 (US$696,386) in Tauranga. In Brookfield, Tauranga, a 3-bedroom apartment could cost NZ$817,000 (US$519,632). Opotiki District is the cheapest area in the Bay of Plenty, with a median house price of NZ$400,000.
Gisborne and Hawke’s Bay
Gisborne and Hawke’s Bay have seen less significant declines in 2023, with NZ$575,000 (7.3%) and NZ$680,000 (-0.7%), respectively.
House prices in Hastings District are at NZ$805,000 and NZ$675,000 in Napier, on average.
Otago
Otago’s median house cost is NZ$650,000 in 2023 (-3%). Queenstown-Lakes District and Arrowtown is the most expensive suburb in Otago, with median house price at NZ$1,270,000 and NZ$2,087,450, respectively.
Other costly areas for buying a house in Otago include towns like Wanaka and Queenstown, while the cheapest include Clutha, Dunedin, and Oamaru. In fact, in Clutha, you can get a property for 380,100.
A 58 m2 bedroom apartment in the Otago region costs approximately NZ$495,000 (US$314,832). A 3-bedroom family house in Alexandra, Otago, costs around NZ$570,000 (US$362,534).
Dunedin is another affordable yet beautiful city to own a home, with an average house price of NZ$585,000 in June 2023. In Dunedin Central, a 3-bedroom house costs approximately NZ$643,000 (US$416,150). Read the full post on house prices in Dunedin.
Southland
Southland’s median price decreased by 5.2% year-on-year to NZ$423,500. Nonetheless, sales were up by 31.1% compared with June 2022. Invercargill is the main city in the Southland region, with a median home price of NZ$440,000.
Canterbury
Canterbury’s median price has stayed strong in 2023 and declined only by 4.4% to NZ$$655,000 for an average house. If you are looking for very affordable housing, Waimate offers an average price of NZ$375,000. At the same time, Selwyn District has the highest rates of NZ$800,000 for a typical family home.
Christchurch is the most affordable large city regarding home prices in New Zealand. If you want to live in a city that actually feels like a city, this is the best option.
A 2-bedroom modern townhouse costs approximately NZ$585,000 (US$372,074). A bedroom house in the same area costs around NZ$549,000 (US$349,177) on the low. Also, in Christchurch’s Halswell, a 200 m2 3 bedroom house costing NZ$849,000 (US$539,985).
Nelson
Nelson and Marlborough regions have experienced a significant drop of 17.2% from 2022 to NZ$650,000 in June 2023. It makes Nelson’s housing reasonable. It might be a good time to buy this retirement property many Kiwis dream of.
A beach-view house with three bedrooms costs around NZ$600,000 (US$381,615). Tasman is a rural suburb in Nelson, a 2-bedroom property costs around NZ$575,000 (US$365,714).
Auckland
Auckland‘s median price decreased by 12.5% year-on-year to NZ$1,000,000. The average home costs NZ$1,080,000 in Auckland City and only NZ$820,000 in Franklin District in June 2023. North Shore City is the most expensive area, with a median price of NZ$1,203,000.
A small 2-bedroom apartment in Auckland’s city center costs approximately NZ$539,000 or US$342,817. For this price, you’ll be able to find an apartment in a central location and parking for one car.
In Pukekohe, a suburb in Auckland, you’ll get a 100 m2 semi-detached house with two bedrooms and one bathroom for roughly NZ$795,000 (US$500,532). This price also allows you to buy a home in an area with all amenities and services close by.
You can get a 192 m2 4 bedroom house in Auckland for NZ$995,000 (US$626,452). This price affords you an urban place containing all services you might need.
Although the house costs in New Zealand are among the most expensive, you can find a house within your budget with adequate research. Affordability is reactive; hence from NZ$350,000 (US$222,608), you can get a decent home in New Zealand.
What places are the cheapest to live in New Zealand? Read on.
Taking a home loan? Here are some of the easiest banks and ways to get a mortgage in New Zealand.
Average house prices in New Zealand
New Zealand house costs vary from region to region. In Auckland, for example, a good quality house in a nice neighborhood costs from NZ$1,000,000 to NZ$1,300,000 on average.
However, you can find cheaper houses than this in the same area. Auckland’s house prices have been above any other region in New Zealand such that most statistics love separating New Zealand’s median and average house data from Auckland.
Below is the table showing the house price ranges and percentage of sales in 2023, so you have an idea of average home prices in NZ:
| Property price | Number of sales (2023) | % of sales |
|---|---|---|
| $1 million+ | 1,551 | 27.6% |
| $750,000 to $999,999 | 1,459 | 25.9% |
| $500,000 to $749,000 | 1,762 | 31,3% |
| Under $500,000 | 857 | 15.2% |
Therefore, the majority of New Zealanders (57,2%) purchase homes that cost between NZ$500,000 and NZ$1 million.
Trade Me property website places Wellington’s average house cost at NZ$871,050 (US$554,009). Seatoun is the most expensive suburb in Wellington, with a median house cost of NZ$1,991,000 (US$1,266,325), and Wellington Central is the cheapest, with NZ$556,600 (US$354,011).
According to the property experts from CoreLogic, the average house value in Dunedin is NZ$645,271 (US$410,408). Mount Grand, Chain Hills, and The Cove are among the expensive places to buy a house in Dunedin, while Lookout Point, Caversham, and South Dunedin are among the cheapest.
An average home value in Christchurch is estimated at NZ$678,000 (US$431,225). Christchurch’s suburbs with the most expensive houses include Cashmere, Sumner, Port Hills, Scarborough, Merivale, Fendalton, and Kennedy’s Bush. The cheapest suburbs include Bromley, Linwood, Aranui, Phillipstown, and Wainoni.
Whangamata, Cambridge, and Tairua have the most expensive house prices in Hamilton. Tauhara, Te Aroha, and Ngaruawahia have cheaper units in Hamilton.
| Area | House price in the USD | House price in NZD |
|---|---|---|
| Auckland | $875,332 | $1,382,722 |
| Far North District | $714,177 | $1,114,247 |
| Whangarei District | $797,250 | $1,243,856 |
| Kaipara District | $854,620 | $1,333,364 |
| Thames-Coromandel District | $1,231,379 | $1,921,177 |
| Hauraki District | $664,763 | $1,037,152 |
| Hamilton City | $849,040 | $1,324,658 |
| Matamata-Piako District | $732,312 | $1,142,541 |
| Otorohanga District | $477,763 | $745,398 |
| South Waikato District | $465,493 | $726,254 |
| Waikato District | $788,470 | $1,230,158 |
| Taupa District | $875,873 | $1,366,523 |
| Waipa District | $889,213 | $1,387,335 |
| Waitomo District | $401,451 | $626,337 |
| Kawerau District | $417,443 | $651,287 |
| Opotiki District | $556,077 | $867,582 |
| Rotorua District | $693,024 | $1,081,244 |
| Tauranga District | $1,101,357 | $1,718,319 |
| Western Bay of Plenty City | $1,007,586 | $1,572,019 |
House prices in Auckland in 2024
Auckland is New Zealand’s most growing city and the most expensive city to buy a house. However, the falling prices in New Zealand have not left this city behind. Auckland has a competitive residential housing market.
The median house price in Auckland in June 2023 was NZ$1,000,000 (-12.5%).
Orakei area is among the most expensive in Auckland, with homes averaging US$1,345,231, which is approximately NZ$2,125,000.
On the other hand, Gulf Harbour has affordable house prices, where the median is NZ$835,000 (US$528,600).
That said, according to Statista, Auckland’s median house price is capped at NZ$1,300,000 (US$822,965) in 2022.
Here’s a list by Trademe Property listing different Auckland suburbs and their average house prices:
| Suburb | Price (NZ$) | Price (US$) |
|---|---|---|
| Wellsford | 1,425,721 | 913,816 |
| Eden Terrace | 1,418,157 | 908,968 |
| Manukau | 1,193,540 | 765,000 |
| City Centre | 851,860 | 546,000 |
| Newmarket | 1,416,561 | 907,945 |
| Waiuku | 1,406,460 | 901,471 |
| Randwick Park | 1,399,731 | 897,158 |
| Tuakau | 1,398,968 | 896,669 |
| Clendon Park | 1,382,617 | 886,189 |
| Henderson Valley | 1,354,910 | 868,430 |
The cheapest places to find houses in Auckland are:
- Waitemata Harbour
- Maraetai
- Waiuku
- Pukekohe
- Waitakere
The most expensive places for buying a house in Auckland are:
- Orakei
- Riverhead
- Kumeu
Cheapest places to buy a home in New Zealand
New Zealand has several places where you can find cheap houses to buy. One of the areas is the West Coast region on the South Island. Real Estate Institute placed the median house price on the West Coast at NZ$400,000.
The West Coast has three districts that rank among the locations with the lowest house prices in New Zealand. The districts include (source REINZ June 2023):
- Buller, whose average price is NZ$380,000
- Grey district, with an average house price of NZ$375,000
- Westland, which has an average price of NZ$410,000
Despite the low prices, the population of the West Coast region is only 32,000 people, so you will need to evaluate whether buying a property there even makes financial sense if you aren’t planning to live there.
If you are looking to buy property in a large city, Christchurch has some of the cheapest houses in this area; the current median house price is NZ$678,000.
Besides, Opotiki District in the Bay of Plenty is among the cheapest places to buy a house. The median home cost in Opotiki District is NZ$400,000, which is less than 50% of the Bay of Plenty’s median house cost (NZ$840,000).
Clutha in Otago also ranks among the cheapest places to buy houses, with the median home price at NZ$380,100.
In the Southland region, Invercargill City is the most expensive but cheaper than other cities in the country. The median house cost in 2023 was NZ$440,000.
Furthermore, Gore District in the same region has a median house price of NZ$395,000.
Westport in South Island (Buller District) attracts home buyers with its cheap house costs of almost 30% of the national average. The area is a good alternative for cheap houses with an average of NZ$325,000.
Unfortunately, foreigners might find it challenging to purchase a house in New Zealand unless they get approval from the Overseas Investment Office. Foreigners with temporary, limited, or interim visas cannot buy any property.
For a New Zealand resident who wants to purchase a residential property, you need to satisfy all of the following requirements:
- Own a residence-class visa
- Lived in New Zealand for at least 12 months before getting property
- You should have been present in the country for a minimum of 183 days of the 12 months
- Be a tax resident of New Zealand
Most expensive places to buy a house in New Zealand
Before you start your search for a new home, it’s also vital to know what areas have the highest prices in the country.
1. Auckland
You might already be aware that Auckland is the city with some of the world’s most expensive properties. Many foreign investors, Chinese in particular, have been buying residential and business real estate in this city, which caused prices to become outrageous.
The average price of a house in Auckland was NZ$1,000,000 in 2023.
2. Bay of Plenty
The Bay of Plenty and the city of Tauranga are very attractive places for living and investments in New Zealand. Bay of Plenty has some of the best weather in the country and the longest beach line in the world.
Hence, homes in Tauranga and the area are sought-after, naturally driving prices up. An average house in the Bay of Plenty will cost you around NZ$840,000 in 2024.
3. Wellington
Wellington is the capital city of New Zealand. Commonly, properties in main cities cost more, and this applies to any country.
The average price in New Zealand’s capital was NZ$881,000 in 2023.
4. Otago
Otago and the city of Queenstown are some of the most visited by tourists places in New Zealand. Queenstown hosts almost 2 million visitors each year, but only a tiny number of people actually live there. This fact makes real estate cost a lot of money. It’s one of the best places for investments.
Therefore, an average house in Queenstown, Otago, costs about NZ$1,270,000.
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