Affordable homes still exist in NZ
While prices have surged over the past decade, opportunities to secure well-priced properties still exist—particularly for brokers with buyers open to regional locations or renovation potential.
A recent LJ Hooker survey showed that 81% of Kiwis still aspire to homeownership, even as the national rate fell to 66.8% in 2023. While 84% view property as a solid investment, 97% cite affordability—especially high prices and mortgage repayments—as the biggest barrier.
According to Trade Me’s April Property Pulse, the national average asking price dropped to $855,150—down 0.8% month-on-month and 2.6% lower than April 2024.
Although still well above the 2015 average of $556,931, the latest figures suggest a softening market. And with a quick search on realestate.co.nz, standout homes under $500,000 can still be found—though some may require a little work.
Stuff has highlighted five standout listings that show affordable opportunities still exist.
1/7 Inca Place, Papakura, Auckland – offers over $475,000
Auckland bargains are rare, but this move-in-ready home in a quiet cul-de-sac bucks the trend.
Described as “light and bright” by Arizto Real Estate agent Aveshkar Pokharkar, the two-bedroom home features a modern kitchen with timber flooring, a full bathroom with bathtub, and sits fully fenced with low-maintenance green space.
With a 2021 CV of $560,000, it’s competitively priced well below Papakura’s $765,000 median sale price, according to the Real Estate Institute of New Zealand.
52A Hill Street, Te Kuiti, Waikato – offers over $250,000
This 1980s-era home is full of potential and listed at just $250,000—well below Te Kuiti’s median of $405,000.
While it needs modernisation, it features two bedrooms, a full bathroom, and sits on a 753m² section, just a minute’s drive from SH3.
Mary Tapu of Property Brokers highlights its elevated balcony as a key selling point, calling it a place to “relax outdoors and take in your surroundings.”
26 Jackson Terrace, Rānui, Porirua – offers over $389,000
With Porirua’s median price sitting at $620,000, this $389k listing is one of the most affordable in the Wellington region.
Described as “small in size, big on charm” by Harcourts, the two-bedroom weatherboard home is modern and bright, and includes a front and backyard plus a garden shed.
It’s an ideal fit for first-home buyers or downsizers.
5 Hawkswood Street, Waiau, Canterbury – asking price $250,000
This earthquake-damaged “as is, where is” property is priced to sell at $250,000. Despite its condition, it’s a three-bedroom home with a spacious kitchen and living area, two fireplaces, and a large 1012m² section.
The home has been in the same family for 64 years, and Harcourts calls it a “chance to secure a slice of relaxed, small town living.”
It also includes a double garage and abundant green space, making it a blank canvas for the right buyer.
Low-maintenance coastal unit, Dunedin – asking price under $340,000
Located just 10 minutes from Dunedin city centre, this modern one-bedroom unit features sea views, a large 707m² section, and the potential to build a second dwelling.
Tall Poppy agent Andrew Berryman describes it as “low maintenance,” with native bush and birdlife surrounding the property and an adjacent reserve offering even more serenity.
Bottom line
While house prices remain high overall, the latest Trade Me data and realestate.co.nz listings showed that sub-$500,000 homes are still within reach, particularly for first-home buyers and regional movers willing to invest in a bit of DIY.
