Smaller locations have enjoyed the biggest price gains over past decade

New property price data suggests that while property prices don't double every decade, they do tend to rise significantly.

Over the 10 years to December 2024, the national median asking price rose 60.3%, according to realestate.co.nz.

Asking prices more than doubled in nine of New Zealand’s 19 regions, while nearly all others saw increases of at least 50%. The one exception was Auckland, where asking prices rose 29.5%.

According to realestate.co.nz spokesperson Vanessa Williams, prices tend to rise over time, despite regular fluctuations.

“While the data doesn't completely confirm the 'prices double every decade' belief, it does show that property values have grown strongly over time. How much they've grown depends on where you are across the motu and what part of the property cycle we are in,” she said.

Small regions outperformed big cities

During the 10-year period, the largest price jumps occurred outside New Zealand’s main centres, including Gisborne (138.5%), Manawatu/Whanganui (128.6%), Central North Island (126.6%), Southland (112.2%), Coromandel (111.4%), Wairarapa (110.1%), Hawke’s Bay (106.9%), Central Otago Lakes District (106.6%) and Waikato (102.9%).

“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. 

“Each region has its own unique market dynamics and opportunities – and we're seeing strong long-term growth even in areas that may have been overlooked.”

Property market moves in cycles

One interesting takeaway is that the 10-year period included three distinct phases:

• 2014-2019: Prices rose steadily across most regions.
• 2020-2021: Prices jumped sharply during the pandemic, due to high demand, low interest rates and restricted travel.
• 2022-2024: Prices fell and then stabilised following the 2021 market peak.

“Even with recent price drops, houses are worth much more than they were a decade ago. Like any investment, property is a long game. Those who have the luxury of staying in the market are most likely to reap the gains,” Ms Williams said.

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