Where Apartments Cost More Than A Home

• Homes cheaper than apartments in Bay of Plenty, Hawke’s Bay, Manawatu/Whanganui, and Nelson & Bays
• Wellington apartment prices down 11.8% year-on-year
• Million-dollar apartments consistently listed outside of Auckland

It’s cheaper to buy a home than an apartment in parts of New Zealand, according to the latest data from realestate.co.nz. Over the last six months, apartments in the Bay of Plenty and Hawke’s Bay have consistently had higher average asking prices than homes. Manawatu/Whanganui and Nelson & Bays also followed suit in the first four months of 2025.

Bay of Plenty saw the biggest gap in average asking prices between apartments and homes. Since January, the average asking price for apartments in the region has fluctuated between $965,000 and $1.3m, whereas homes have held steady at the mid-to-late $800,000 average price point.

Vanessa Williams, spokesperson for realestate.co.nz, says the increasing value of apartments reflects the appeal of a low-maintenance lifestyle – particularly in desirable regions like the Bay of Plenty or Nelson & Bays.

“We know that apartment living has appeal for New Zealand’s aging population, and the size and style of apartment complexes are becoming more sophisticated as well,” says Williams. “As urban centres continue to mature, apartments offer an attractive alternative to New Zealand’s traditional quarter acre dream or suburban lifestyle and have great appeal in some of the country’s holiday hotspots.”

Average asking prices month-on-month

For buyers seeking an apartment at a more affordable rate, the capital has the cheapest apartments in the country, recording a decline of 11.8% in average asking prices year-on-year.

Average asking prices year-on-year

“With the average asking price for Wellington apartments consistently below the national average asking price for apartments, buyers in the capital may benefit from having money left over to enjoy some of Wellington’s award-winning coffee – that's inner city living at its best!” says Williams.

The average asking price of an apartment in Auckland has been consistently under $800,000 year-on-year for the past four years; a marked difference to the average asking price of a home in the region, which has been consistently over $1m for the same period.

“New Zealanders have long been cautious of the apartment market but this activity reflects a changing approach to desired lifestyles,” Williams says. “The lock up and leave, minimal maintenance, and hassle-free lifestyle that apartments offer is becoming increasingly valued by buyers as these prices show.”

About realestate.co.nz

We’ve been helping people buy, sell, or rent property since 1996. Established before Google, realestate.co.nz is New Zealand’s longest-standing property website and the official website of the real estate industry.

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