Do property prices really double in a decade?
New data from realestate.co.nz challenges the common belief that property values double every decade. While this held true for some regions, others fell short – yet all saw significant growth.
Between the beginning of 2015 and the end of 2024, average asking prices more than doubled in nine of New Zealand’s 19 regions, while nearly all others saw increases of at least 50%. Auckland was the exception, with average asking prices rising by only 29.5% over the decade.
Nationally, the average asking price stopped short of doubling, rising by 60.3% over 10 years, from $556,931 in 2015 to $892,579 in 2024.
Vanessa Williams, spokesperson for realestate.co.nz, says the data signals that despite market fluctuations, average asking prices tend to rise over time:
“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.”
Regions see largest gains
The biggest price jumps happened outside New Zealand’s main centres, with several regions seeing average asking prices more than double over the period. Gisborne led the way with average asking prices up 138.5%, followed by Manawatu/Whanganui (up 128.6%), Central North Island (up 126.6%), Southland (up 112.2%), Coromandel (up 111.4%), Wairarapa (up 110.1%), Hawke’s Bay (up 106.9%), Central Otago Lakes District (up 106.6%), and Waikato (up 102.9%).
Otago, Taranaki and Marlborough came close to doubling, with average asking prices rising 98.6%, 97.7% and 97.3%, respectively.
“These figures show the growing appeal of regional New Zealand. 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.”
Three-phase market movement
Looking back over the last 10 years, the property market went through three main phases:
- 2014-2019: Steady price rises across most regions
- 2020-2021: A sharp jump in prices during the COVID-19 pandemic, driven by high demand, low interest rates, and limited travel.
- 2022-2024: Cooling, correction and stabilisation following the 2021 market peak.
Williams says this shows how the property market moves in cycles.
