A decade of property prices

The latest data from realestate.co.nz proves that prices inevitably go up in the long run.

In the 10 years to 2023, the average asking price in every New Zealand region has increased, with 12 of 19 regions at least doubling and the remaining six increasing by at least 50%. Of our 76 districts, 36 have increased by at least two-fold, while a further six rose by more than 90%.

Nationally, the average asking price was up by 77.5%, increasing from $504,388 in 2014 to $895,289 in 2023.

Sarah Wood, CEO of realestate.co.nz, says the data underscores a resilient real estate market:
“We saw the market go through a correction in 2023 after rapid growth during the previous few years. Despite prices dropping back last year, they are still up substantially in most places when we compare them to the years before Covid-19 ignited the market.

“It’s welcome news for the vast majority of Kiwis whose biggest asset is their home that although we will see peaks and troughs, prices are continuing to trend upward over the long term.”

The standout years for significant price growth were 2019 to 2022, with the national average asking price increasing by almost 40% over this four-year period. The districts to see the smallest 10-year growth are all within the Canterbury region: Selwyn (up by 39.2%), Ashburton (up by 40.5%), and Waimate (up by 40.9%).