Property Market
How is the Waikato property market going?
Everything you need to know about the Waikato Property Market before you buy or invest in property within the Waikato region. Data. House prices. Analysis.
Property Market
7 min read
Taranaki house prices | How is the Taranaki property market going?
Everything you need to know about the Taranaki Property Market before you buy or invest in the Taranaki region. Data. Analysis. Taranaki House Prices.
Author: Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Reviewed by: Andrew Nicol
Managing Director, 20+ Years' Experience Investing In Property, Author & Host
Taranaki's median house price is $630,000
Taranaki house prices
As at January 2025, the median house price in Taranaki is $630,000. This is up from $316,000 10 years earlier. That means that the median Taranaki property increased in value by 7.14% each year, or $31,400 on average.
The most expensive suburb in Taranaki is Waiwhakaiho, which has a median house price of $1,112,350 and is located in the New Plymouth District district. That means that Waiwhakaiho's median house price is 177% of Taranakiâs median.
The least expensive suburb in Taranaki is Patea, which has a median house price of $277,400 and is located in the South Taranaki District district. That means that Patea's median house price is 44% of Taranakiâs median.
Over the last 24 months (Dec 2022 - Dec 2024), Waitara had the fastest-growing house prices in all of Taranaki, at 1% per year.
The suburb that grew the slowest over that period was Manaia, which grew at a rate of -7% per year.
Taranaki's house price is 6.10% above its long term average
Is Taranaki over or undervalued?
Taranaki house prices look relatively expensive compared to where we'd expect them to be.
In the above graph, when the purple line is below the baseline (black line), Taranaki's house values are undervalued. This suggests there is a buying opportunity in the region.
When Taranakiâs house values are above the baseline, other regions have buying opportunities.
How is this calculated? Click on the accordions below to find out.
More from Opes:
Where do house prices grow the fastest in the New Plymouth property market?
This map lets you find out for yourself.
Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.
The redder the area ... the quicker house prices have grown in that suburb.
Which New Plymouth suburbs have the highest yields?
Gross yields vary widely depending on which suburb you chose to investigate.
So, which suburbs in the New Plymouth property market have the highest gross rental yields?
Navigate the map to find the suburbs where houses produce the most cash for their investors.
Are properties selling above or below CV?
One of the most common questions I get asked is: âEd, are properties selling above or below the Council Valuation (CV)?â
Some call it the RV (Rateable Value) or GV (Government Value).
Why do people care? Well, if you go on TradeMe (or another website), youâll almost always see the councilâs valuation for the property.
Where are the most affordable properties in Taranaki?
The map below depicts which districts within the Taranaki Region have the most and least affordable house prices (REINZ, January 2025).
The darker the district, the more expensive the median house price for that area.
The New Plymouth District is the most expensive district within the Taranaki Region, with properties reaching a median price of $705,000 in January 2025.
By comparison, the South Taranaki District is the most affordable, with a median house price of just $422,000. That's a $283,000 difference compared to New Plymouth District.
Where are house prices most over and undervalued within the Taranaki region?
This map shows a breakdown of how over or under-valued each council area is right now in the Taranaki property market. These figures are calculated exactly the same way as the HPI based graph in the above section.
Stratford District appears to be the most overvalued area in Taranaki. House prices there are about 15.71% above where we would usually expect them to be over the long term.
South Taranaki District, on the other hand, appears to be the least overvalued in Taranaki. House prices in this district appear to be 4.44% above where we would expect them to be.
This means that we've got greater confidence that South Taranaki District house prices will increase faster over the next 5-10 years compared to Stratford District.
Which part of Taranaki gets the highest population growth?
The map below illustrates the projected population growth for each district within the Taranaki Region over the next 25 years (2023 - 2048).
The darker the district, the more the population is predicted to expand in that area.
Over this period, New Plymouth district is expected to see the most growth of all the council areas within the region. 11.66% in total.
By contrast, South Taranaki district is expected to grow by 0.00% over the same timeframe.
How are Taranaki's house prices changing right now?
Taranaki's capital growth rate
The above graph shows how quickly house prices have increased or decreased over the previous 12 months. This is also known as âcapital growthâ.
So does this show how the property market is going right now?
Yes and no.
It shows how expensive properties are today compared to 12 months ago.
While this will give us a good sense of how property values have changed, itâs not the only thing to consider.
You might also look at how quickly property values are going up (or down) from month to month, the number of property sales and how quickly properties are selling.
What is the median rent in Taranaki?
Taranaki's median rent
The above graph shows the median rent within a given month.
The data comes from the Ministry of Business Innovation and Employment (MBIE) and is provided through their Tenancy Services website.
Their data is based on all the rental bonds lodged by private landlords within the month.
What is the annual increase in rents in Taranaki?
Taranaki's annual increase in rents
This graph shows the annual growth in median rents.
The data also comes from the Ministry of Business Innovation and Employment (MBIE).
How many listings are currently available in Taranaki?
Taranaki's current listings (Housing stock)
This graph shows current property listings, with data sourced from realestate.co.nz.
It shows the number of listings that are currently available on the website per month.
You might be wondering: âHow do the number of listings impact house prices?â
If many listings are available, then people will think there is lots of supply. This means that people feel like they can take their time choosing a property.
This leads to less competition and softer house prices.
On the other hand, if there arenât many listings available, people will feel like there is a shortage of houses. This leads to FOMO (fear of missing out).
This makes people more competitive and more likely to bid up house prices.
How many properties are sold per year in Taranaki?
Taranaki â Number of properties sold per year
The above graph shows the total number of properties sold over the prior 12 months. For example, if looking at the data for August 2023, the graph will show all the sales between September 2022 â August 2023.
The data comes from the REINZ Market Insights Report and The Real Estate Institute of New Zealand (REINZ) collects data directly from agents.
You might be wondering: âHow does the volume of sales impact house prices?â
They donât impact house prices on their own. But a high number of sales represents a hot property market.
Thatâs because there are a lot of people out there buying property.
Thatâs why when sales volumes are high, property prices typically increase at the same time.
When property sales are falling, typically, property prices are also soft.
New Plymouth District suburb prices
New Plymouth
All
New Plymouth District is made up of 28 suburbs. The most expensive suburb is Waiwhakaiho, which has an average house value of $1,112,350. While the most affordable suburb is Waitara, which has an average house value of $488,200.
Over the last 24 months of all the New Plymouth District suburbs (Dec 2022 - Dec 2024), Waitara had the fastest-growing house prices at 1.24% per year.
The suburb that grew the slowest over that period was Waiwhakaiho, which grew at a rate of -2.42% per year.
South Taranaki District suburb prices
South Taranaki
All
South Taranaki District is made up of 7 suburbs. The most expensive suburb is Hawera, which has an average house value of $500,750. While the most affordable suburb is Patea, which has an average house value of $277,400.
Over the last 24 months of all the South Taranaki District suburbs (Dec 2022 - Dec 2024), Opunake had the fastest-growing house prices at -0.51% per year.
The suburb that grew the slowest over that period was Manaia, which grew at a rate of -6.53% per year.
Stratford District suburb prices
Stratford
Stratford District is made up of 1 suburbs. The most expensive suburb is Stratford, which has an average house value of $481,600. While the most affordable suburb is Stratford, which has an average house value of $481,600.
Over the last 24 months of all the Stratford District suburbs (Dec 2022 - Dec 2024), Stratford had the fastest-growing house prices at -3.53% per year.
The suburb that grew the slowest over that period was Stratford, which grew at a rate of -3.53% per year.
Other Property Markets to Look Into
If you found this article useful, then you might also like our analyses on the other property markets in New Zealand. You can read all about the Auckland property market, the Wellington property market and the Christchurch property market by clicking any of the links mentioned here.
Ed McKnight
Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.
Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.
Other Regions
