Can you afford a home in Oamaru?
What a median Oamaru home costs against what the median Oamaru household earns: the deposit, the repayment on today’s rates and the share of income it takes, by bedrooms and suburb by suburb.
Oamaru by bedrooms
| Home | Median sale | 20% deposit | Weekly repayment | Share of income | Income needed |
|---|---|---|---|---|---|
| 2 bedrooms | $381,500 (60) | $76,300 | $422 | 30.0% | $73,000 |
| 3 bedrooms | $479,000 (193) | $95,800 | $530 | 37.7% | $92,000 |
| 4 bedrooms | $705,000 (64) | $141,000 | $780 | 55.4% | $135,000 |
| All homes | $479,000 (367) | $95,800 | $530 | 37.7% | $92,000 |
Sales in the last twelve months in brackets. Share of income is against the median Oamaru household, whatever the home; income needed is what would keep the repayments to 30% of income.
Oamaru suburbs, most affordable first
Against each suburb’s own median household income, Weston is the most affordable of 7 Oamaru suburbs, at 32% of income, and Holmes Hill the least, at 49%. A suburb where incomes are high can be more affordable to the people who live there than its prices suggest.
| Weston | $532,500 | $589 | $95,056 | 32.2% | 7.5 |
| Oamaru North | $452,000 | $500 | $64,925 | 40.0% | 9.3 |
| Kakanui | $457,500 | $506 | $65,694 | 40.1% | 9.3 |
| Waiareka Junction | $670,000 | $741 | $95,317 | 40.4% | 9.4 |
| South Hill | $500,000 | $553 | $66,399 | 43.3% | 10.0 |
| Oamaru | $435,000 | $481 | $53,031 | 47.2% | 10.9 |
| Holmes Hill | $529,250 | $585 | $61,702 | 49.3% | 11.4 |
| Oamaru | $479,000 | $530 | $73,154 | 37.7% | 8.7 |
20% deposit, 6% over 30 years, saving 15% of income. Share of income is a year’s repayments over the median household income before tax; above 30% is marked. Loans over 6 times income fall under the Reserve Bank’s debt-to-income limit.
Next steps
Look up homes in Oamaru: every property page shows an estimate of its value and what it last sold for. Work through your own figures with how much you could borrow, or compare Oamaru with other towns.
Sales from council and LINZ records, as at 18 September 2026. Household incomes from the 2023 census, before tax. A guide, not a lender’s assessment.
Questions
How much do I need to earn to buy a home in Oamaru?
For repayments on a median Oamaru home ($479,000) to stay within 30% of income, with a 20% deposit at 6% over 30 years, a household would need about $92,000 a year before tax. The median Oamaru household earned $73,154 in the 2023 census.
Where do these figures come from?
The median of every Oamaru sale recorded in council and LINZ records over the last twelve months, and the median household income in the 2023 census, before tax. Suburbs need at least 10 sales in the year to be listed.
What interest rate is used?
Today’s average advertised 1-year rate across lenders, held for the whole term. Type your own to see the difference.
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