According to new data from realestate.co.nz, national average asking prices increased by 60.3 per cent over the past decade, rising from $556,931 in 2015 to $892,579 in 2024, showing significant growth despite not doubling in value.
However, nine of New Zealand’s 19 regions experienced more than 100 per cent growth in average asking prices during this period.
Regional markets have shown the most strength, with Gisborne leading the charge with a staggering 138.5 per cent increase in average asking prices.
The Manawatu/Whanganui region followed closely with a 128.6 per cent rise, while the Central North Island saw increases of 126.6 per cent.
Vanessa Williams, spokesperson for realestate.co.nz, said there was varying property growth across different regions.
“While the data doesn’t completely confirm the ‘prices double every decade’ belief, it does show that property values have grown strongly over time,” Ms Williams said.
“How much they’ve grown depends on where you are across the motu and what part of the property cycle we are in.”
Auckland notably underperformed compared to other regions, with average asking prices increasing by just 29.5 per cent over the decade.
However, several regions came close to doubling, including Otago, Taranaki, and Marlborough, with increases of 98.6 per cent, 97.7 per cent, and 97.3 per cent, respectively.
The data showed that the market had distinct phases over the decade, beginning with steady growth from 2014-2019, followed by sharp increases during the COVID-19 pandemic, and finally entering a cooling period from 2022-2024.
“These figures show the growing appeal of regional New Zealand,” Ms Williams said.
“Over the past decade, regions like Gisborne, Coromandel, and the Central North Island have seen remarkable growth as Kiwis recognise the lifestyle and investment opportunities beyond our main centres.”
The data reinforces the long-term nature of property investment, despite recent market corrections, she said.
“Even with recent price drops, houses are worth much more than they were a decade ago. Like any investment, property is a long game,” she said.
“Those who have the luxury of staying in the market are most likely to reap the gains.
“Market fluctuations can feel unsettling, but unless you’re selling, those price changes are just numbers on paper.”
