West Coast regional property market insights

Property prices in the West Coast region fell slightly in December, compared to November, according to Trade Me Property’s data. In December, the average cost of buying a house in the region was $508,200, compared to $517,700 in November. However, last month's figure represented a substantial 9.2% year-on-year increase compared to December 2023, when West Coast property prices averaged out at $465,400.

The number of West Coast properties for sale on Trade Me Property was up to 360 homes in December 2024, compared to 356 in November.

We don't yet have average rental price data for the West Coast in December 2024. However, we can tell you that there was a month-on-month increase in the number of properties for rent in the West Coasta region from 51 in November 2024 to 55 in December. This also marked a substantial 61.8% increase in year-on-year listings.

Among people surveyed in our September 2024 Property Pulse survey* who were seeking to buy a home in the West Coast:

• 0.9% were currently in the process of buying a home.
• 1.4% were just thinking about buying a property.
• 1.5% were looking to buy a property in the next year.
• 2.7% were looking to buy a property in the next 1-2 years.

Of the respondents who’d ideally buy a property in the West Coast region, 45% agreed that now is a good time to buy a home there, with only 1% disagreeing. Would-be buyers in the West Coast region say they would be most willing to compromise on the size of the section/land or the size of the property to stay within their buying budget in order to stay within their buying budget, compared to a range of four other options including size of garden, location and property condition.

The West Coast is a big region with a small population. In total, the area encompasses 23,276 km2., and is home to only 32,900 people, according to the 2023 census. This means, on average, there is only just over 1 person per square kilometre. So, if you’re looking for somewhere with some space, peace and quiet, the West Coast might be the place for you. Major districts in the West Coast include:

• Buller

• Grey

• Westland

Living on the West Coast offers stunning landscapes and outdoor adventures. Residents can explore the famous Franz Josef and Fox Glaciers, perfect for hiking, or spend time on rugged beaches like Punakaiki which provide opportunities for surfing, fishing, and beachcombing.

The region’s natural beauty extends to Paparoa National Park, home to the iconic Pancake Rocks and exceptional hiking trails. Charming towns like Hokitika add to the appeal with local cafés, art galleries, and community events.

According to 2018 data from the Ministry for Business, Innovation and Employment, the dairy cattle farming industry is the biggest employer (by number of employees), followed by accommodation and then hospitals. Notably, a recent dairy boom, as well as development initiatives in the region means it has one of the lowest rates of unemployment in the country, according to Statistics New Zealand data from 2018.

*Data from Trade Me Property Pulse Survey 2024. 1,572 total responses, 30 responses from the West Coast Region.