New Zealand’s housing winners and losers: prices soared in these areas in 2024, delivering homeowners gains of NZ$8,000–300,000!

Annual house price changes across New Zealand’s main centres

 

According to the latest OneRoof house price report, New Zealand’s housing market experienced a turbulent 2024, before beginning a gradual recovery in early 2025. Although the average cost of buying a home is currently NZ$8,000 lower than last year, price gains in sought-after areas have reached double figures, showing strong rebound momentum.

 

The West Coast emerges as the biggest surprise performer

Blaketown in the West Coast’s Grey District recorded the country’s strongest price growth in 2024, with house prices surging by more than 25%. Yet its average price of just NZ$349,000 remained relatively affordable. Across the West Coast, house prices rose 11.2% annually, taking the average above NZ$488,000. Analysts expect the region’s average house price to pass NZ$500,000 early this year and potentially overtake Southland by the end of 2025.

Auckland’s housing market rebounded strongly late last year

After nearly three years of market fluctuations, Auckland house prices have finally begun to recover. Data shows that in the three months to December, Auckland’s average house price rose NZ$21,000 (1.6%) to NZ$1,299,000. Although this remained below the level at the end of 2023, the year-end momentum suggests the market is stabilising, with lower interest rates and recovering buyer confidence driving the upturn.

Queenstown Lakes stands out

Queenstown Lakes was a standout among the main urban markets, with annual house price growth of 3.9%, an average increase of NZ$77,000 to NZ$2,057,000. Prices in premium areas such as Lake Hayes and Arrowtown surged 13%, adding more than NZ$300,000 to the value of each property. House prices in Wanaka and Queenstown also rose by NZ$151,000 and NZ$112,000, respectively.

Lower-priced areas prove popular with working households

OneRoof property editor Owen Vaughan noted that house prices in several of this year’s best-performing areas remain below NZ$500,000, attracting many first-home buyers and investors with limited budgets. As lending conditions ease and interest rates fall, these buyers are turning their attention to more affordable neighbourhoods.

 

Alongside Blaketown, the price-growth leader mentioned above, where the average remains an affordable NZ$349,000, numerous neighbourhoods in regions such as Southland and Waikato have attracted large numbers of first-home buyers with their value for money. More buyers are favouring these emerging, affordable neighbourhoods over traditionally expensive housing markets. As well as attractive prices, improving local amenities, better transport access and enhanced neighbourhood environments are boosting confidence among investors and owner-occupiers. Analysts believe that as more buyers turn to these neighbourhoods, their potential for property value growth could be further realised over the coming years.

 

Who were the biggest winners and losers in 2024?

 

Of the 865 neighbourhoods analysed in the report, 386 recorded annual growth, including 11 with gains above 10% and 3 with gains above 20%. However, some areas suffered sharp falls. House prices in Hamilton’s Peacocke, for example, fell 12%, equivalent to a loss of NZ$153,000, while Auckland’s Totara Park dropped 11.4%, losing as much as NZ$191,000.

The market reflects economic pressures

Vaughan concluded: ‘These figures reflect New Zealand’s current economic squeeze. Even buyers at the top end of the market have to watch their budgets.’ He noted that strong growth in premium areas such as Queenstown Lakes suggests many buyers are trying to enter the market before prices rise further. Although housing affordability remains a challenge for many, the data shows that New Zealand’s housing market offers opportunities alongside some risks. From investing in affordable neighbourhoods such as Blaketown to purchasing luxury homes in Queenstown, location remains the decisive factor in market performance.

As 2025 begins, how will New Zealand’s housing market develop? Stay tuned for our follow-up coverage!