Could your property have doubled in value since you purchased it 10 years ago?
New figures from realestate.co.nz suggest it’s possible – especially if you live in Kawerau, Central Hawke’s Bay or Hamilton.
Data from the last decade shows that average asking prices have increased in almost every New Zealand district between 2011 and 2020. Leading the way is Bay of Plenty mill-town district Kawerau, where the average asking price has increased a staggering 132%. Homeowners in Central Hawke’s Bay and Hamilton also have reason to celebrate, with average asking prices up 108% and 102% respectively. Rounding out the top five are Waitakere, with an increase of 99%, and Central Otago, up 96%.
Let’s look at what’s happened to average asking prices in districts across New Zealand over the last decade:
Prices double in thriving Hamilton
It may be dubbed the City of the Future, but Hamilton could soon be known as the City of Healthy Prices with property asking prices doubling in the last 10 years. Data from realestate.co.nz shows a 102% increase in average asking prices in Hamilton City from $378,470 in 2011 to $763,446 in 2020.
Also showing strong growth were South Waikato and Otorohanga, where average asking prices have increased by 87% and 84% respectively since 2011. Tourism hot spot Waitomo, however, lost some of its glow over the decade. The average asking price in Waitomo increased just 26% since 2011 – the smallest increase of all districts in the Waikato region.
Waitakere leads the way for Auckland
In Auckland, it was Waitakere that saw the biggest asking price hike. The average asking price in the area increased by 99% over the last 10 years from $465,305 in 2011 to $926,889 by the end of 2020.
While Waiheke Island boasts the supercity's highest average asking price at $1,410,154, prices on the wine-loving island have been pegged back in the last two years from their 2018 highs, although 10-year figures still show a 66% increase on 2011.
Auckland City performed strongly over the decade, with average asking prices rising 84% from $732,369 in 2011 to $1,348,769 in 2020. Manukau and North Shore showed similar price growth trends, with average asking prices increasing 77% and 74% respectively.
Rodney increased by 48% over the 10 years – the smallest increase of the Auckland districts.
Kawerau king of the property mountain
Asking prices were up across the Bay of Plenty over the decade - although it wasn't Tauranga leading the way for price growth in the region, but rather the small town of Kawerau. In fact, the Eastern Bay of Plenty town saw the biggest increase of all districts nationwide, with average asking prices rising a whopping 132% over the last 10 years.
In 2011, the average asking price for a house in Kawerau was milling around the $151,000 mark. By the end of 2020, this figure had more than doubled to $351,413.
Western Bay of Plenty tops the table for the highest prices in the Bay of Plenty region, with an asking price of $992,948 in 2020 - up 81% over the last 10 years. There was similar price growth in Tauranga, where the average asking price increased 77% over the decade from $504,491 to $893,258.
Prices ripe in Central Hawke’s Bay
Prices are up across the sunny Hawke's Bay, but it was Central Hawke's Bay that was the star performer in the last decade. Average asking prices for the district were $283,646 higher in 2020 than 10 years ago - a juicy 108% increase. This put the average asking price in Central Hawke's Bay at $545,967 at the end of 2020.
Napier followed with an asking price increase of 85% over 10 years. In Hastings, prices were up 69% while in Wairoa prices increased 52% over the last decade.
Prices up 96% in Central Otago
New Zealand's favourite travel playground is also home to some of the country's most sought-after real estate, with prices increasing across the board in the Central Otago/Lakes district.
Central Otago led the charge, ending the decade in the top five districts for asking price growth in New Zealand. Central Otago hit $795,287 in 2020 - a 96% increase on 10 years earlier.
Asking prices were slightly slower to rise in Queenstown and Wanaka, with those districts increasing by 83% and 76% respectively.
10 years’ worth of data shows that, in the long term, the value of property in New Zealand increases steadily in nearly every region. This suggests that property is still a sound investment for Kiwis.
* This figure appears to be an anomaly and may be due to outlying high or low average asking prices on listings during a given year. This data set has not been truncated.