REVEALED: The areas with the highest change in median property values

A new house price report from CoreLogic has revealed the areas in New Zealand that have had the highest 12-month and five-year change in median values.

The report, called ‘Best of the Best’, sums up the past 12 months of housing data and finds indicators of a buyer’s market in 2022.

CoreLogic says in the first quarter, mortgaged investors nearly reached a 30 percent share of property purchases amid a temporary respite from lending restrictions. But since the 40 percent deposit requirement kicked in, that share has dipped back closer to 25 percent.

But first-home buyers have been “more than keen to fill the gap”, with their market share helped along by factors like KiwiSaver withdrawals and a willingness to look at cheaper properties, such as townhouses, units, or houses further from the city.

Key data from CoreLogic’s report, which is accurate to November 2021, shows some areas in New Zealand have experienced a large change in median values of properties.

Woodville, just outside of Palmerston North, had the highest 12-month change in median value, up 47.7 percent.

Castlecliff, Whanganui, had the highest five-year change, with median values up 207.9 percent.

The areas that had the lowest 12-month and five-year change in median values were Sunshine Bay, Queenstown (6.7 percent) and Long Bay, Auckland (13 percent), respectively.

Other data from the report includes:

• Highest median value: Herne Bay, Auckland, $3,504,850 – a 30.7 percent increase on the previous year
• Lowest median value: Runanga, West Coast, $193,700 – $3,311,150 less than the highest median value
• Top sale price: 73 Argyle Street, Herne Bay, Auckland, $22,000,000
• Highest median rent: Karaka Bays, Wellington, $875 per week
• Lowest median rent: Twizel, MacKenzie Country, $285 per week.