The fourth largest region in New Zealand, the Waikato covers over 25,000 square kilometres and includes, arguably, some of the most beautiful areas in the country: the Coromandel, Lake Taupō and Tongariro National Park. You’ll find rolling hills, volcanoes, the flats of the Hauraki Plains and towns including Cambridge, Raglan, Whangamatā and Whitianga and of course, the mighty Waikato river. The region’s only city is Hamilton.
What is the Average House Value in The Waikato Region?
In March 2024 the average house value in the Waikato Region was $822,390 which is well below the national average of $933,612. [1]
After the average house value increased in 2021 and 2022 by 24.3% and 19.1% respectively, they dropped by 8.9% in 2023, in this last year they’ve seen growth of 1.9% but this is still lower than the average growth across New Zealand which was 2.5%. [2]
The median price according to the REINZ New Zealand Property Report (published 15th October 2024) in the Waikato Region is $760,000, a jump of $20,000 on the month before. [3]
And What about the Average Property Value in Hamilton City Specifically
The average house value in Hamilton City is just below the average of the Waikato Region at $818,478 however, in the last year the average house value has increased by 4.3% which is higher than both the national average and that of Waikato region. [4]
As for the median price in Hamilton City it’s $755,00 as of September 2024.[5]
How Has The Property Market Changed Over the Last 10 Years?
If you were to buy a house in the Waikato Region in 2014 you could expect the average house value to be $336,796. Since then, prices have been rising, sometimes significantly like in 2016 (20.5%) and 2021 (24.3%). In fact the only year they have decreased was in 2023 and 2024 saw the lowest growth. [6]
How do the Average Property Values Differ Across the Hamilton’s Suburbs?
CoreLogic analysed 33 suburbs and found that only five of these suburbs have seen their median value drop in the past year, however the biggest drop wasn’t more than 0.3%. At the other end of the scale, the suburb of Queenwood grew by 9.8%. [7]
That said, CoreLogic’s findings have seen a downturn emerging in the three months since July, with 23 suburbs seeing their median value drop. [8]
Currently, the most expensive suburb in Hamilton is Harrowfield where median value lies at $1.09m. For those looking for something more affordable you could find it in the cheapest suburb, Bader, where the median value is $583,00.[9]
How Much Rent Can You Expect to Pay a Week in the Waikato Region?
For those renting or looking to rent out their property, the average weekly rent in the year to March 2024 for the Waikato Region was $494, which is $66 less than the national average of $560.[10]
And What About if You Choose to Live in Hamilton City?
Just as we saw with the average house value, the average weekly rent in Hamilton City is also lower than the Waikato Region, here weekly rent sits at average of $483. [11]what’
What is the Future of the Waikato Region’s Property Market?
Whilst house prices are still falling it is slowing down, which suggests that we might soon be at the bottom of the market. When this happens, we can expect prices to start to rise again. How fast they rise is a different matter and economists are predicting that it won’t be quick or big increase to begin with.
Thinking about moving to the Waikato Region or Hamilton? Let our team at The Finance Hub help to get your finances in the best position, get in touch by calling us on 0800 346 482.
[1] Infometrics https://rep.infometrics.co.nz/waikato-region/living-standards/house-values?compare=new-zealand,hamilton-city
[2] Infometrics https://rep.infometrics.co.nz/waikato-region/living-standards/house-values?compare=new-zealand,hamilton-city
[3]REINZ New Zealand Property Report September 2024 https://www.reinz.co.nz/libraryviewer?ResourceID=716
[4] Infometrics https://rep.infometrics.co.nz/waikato-region/living-standards/house-values?compare=new-zealand,hamilton-city
[5] REINZ New Zealand Property Report September 2024 https://www.reinz.co.nz/libraryviewer?ResourceID=716
[6] Infometrics https://rep.infometrics.co.nz/waikato-region/living-standards/house-values?compare=new-zealand,hamilton-city
[7] CoreLogic, Mapping the Market, https://www.corelogic.co.nz/our-data/mapping-market
[8] CoreLogic, Mapping the Market, https://www.corelogic.co.nz/our-data/mapping-market
[9] CoreLogic, Mapping the Market, https://www.corelogic.co.nz/our-data/mapping-market
[10] Infometrics https://rep.infometrics.co.nz/waikato-region/living-standards/average-rent?compare=new-zealand,hamilton-city
[11] Infometrics https://rep.infometrics.co.nz/waikato-region/living-standards/average-rent?compare=new-zealand,hamilton-city
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