Kiwis who purchased property in 2010 had extra reason to celebrate at the turn of the decade… especially those in Kawerau, Rodney and Waitakere.
Real-time data from realestate.co.nz shows that the majority of average asking prices around the country have increased over the last decade. The biggest increase in asking prices was seen in the Bay of Plenty, with Kawerau having their asking price increase by a whopping 112 percent. This was followed by Auckland’s Rodney district and Waitakere City where asking prices increased by 87 percent and 86 percent respectively.
But, it doesn't look so rosy for Wānaka.
According to realestate.co.nz, the Central Otago/Lakes District, saw average asking prices increase over the last decade. In the 10-years from January 2010 to December 2019, prices rose by: 67 percent in Central Otago, 47 percent in Queenstown but only 23 percent in Wānaka.
However, percentages don’t show the whole picture. The average asking price in Central Otago in 2019 was $732,692; whilst the average asking price in Queenstown was $1,447,536. Wānaka’s average price was $1,247,895.
Ten years ago Wānaka was the second-most expensive district in New Zealand, behind Waiheke Island. However, a decade on, Waiheke is still number one due to their 59 percent growth rate but Wanaka has sunk to fourth — overtaken by Northshore City (48 percent growth) and Queenstown (47 percent). Auckland is biting at Wānaka’s heels with an average house price of $1,246,011 and with a current 56 percent growth rate, they could be expected to leapfrog over Wānaka.
Whilst there is much discourse currently about growth in the district and how much is too much, the house price data questions whether in fact, we need more.