Nestled on North Island's west coast, New Plymouth is renowned for its stunning coastal landscapes, vibrant arts scene, and a balanced blend of urban and rural living. As the main city in the Taranaki region, it has become an increasingly attractive destination for both residents and investors.
As of the 2023 census, the Taranaki region boasts a population of approximately 126,015, with New Plymouth District accounting for a significant portion of this figure. The city itself has seen steady growth, reflecting its appeal to a diverse demographic. The median age in the region is 40.4 years, slightly above the national median, showing a mature population base.
Economic Landscape
New Plymouth's economy is anchored by several key industries. The city serves as the headquarters for New Zealand's oil and gas sector, a significant employer despite the government's ban on new offshore exploration permits. However, this has recently been lifted so we may see a greater boost to the region. Agriculture and dairy processing also play pivotal roles, with companies like Fonterra and Tegel operating substantial facilities in the area. Additionally, Port Taranaki, the only deep-water port on the west coast of New Zealand, facilitates international trade, further bolstering the local economy.
The rental market in New Plymouth has experienced notable shifts in recent years. Data indicates that the median weekly rent for houses stands at $580 per week as of March 2025, reflecting a small drop from the same month the previous year. In March 2024 the median rent was $600 per week. Stock is increasing which is good news for tenants.
From April 2024 to March 2025, the average amount of bonds lodged for the region was 167.25 per month whilst the amount of bonds closed was averaging 158 per month. As of March 2025, there were 5,970 bonds lodged which is an increase of 111 bonds over the last 12 months.
Onehub data from Trade Me shows that for May 2025, there is a –5% decrease in the median asking price for a property with the median asking price being $600 per week. There has been a significant drop in website traffic, down –49% from May 2024 but listings are also down –8%.
