homes.co.nz Monthly Property Update – October 2020

Cheapest streets in the most expensive suburbs

With property values continuing to increase, there are now 120 “million dollar” suburbs around the country. The majority of these are in Auckland, with 102 suburbs in the city having a median HomesEstimate exceeding $1M. There are also now 3 suburbs with a median HomesEstimate more than $2M.

There are another 17 “million dollar” suburbs in NZ’s other main centres with the most expensive being Oriential Bay in Wellington, with a median HomesEstimate of $1.97M.

With these eye-watering price tags, the team at homes.co.nz decided to find the most affordable streets within these glamour suburbs.

Some suburbs have few options. For example, the most affordable street in Herne Bay (Auckland’s most expensive suburb) is Hamilton Rd with a median HomesEstimate still over $1.7M. However, this does pale in comparison to the suburb’s most expensive; Cremorne St with a median HomesEstimate of $7.1M!

But other Auckland suburbs do have some affordable pockets if owners are happy to adopt apartment living:

  • Saint Marys Bay: Westwood Terrace Apartments bringing resulting in a median HomesEstimate of $528k within the street, well under the suburb median of $2.37M
  • Remuera: Wimbledon Way has a median of $964k, just over half the Remuera suburb median of $1.84M
  • Epsom: Bordering the motorway, Edgerley Ave has a median HomesEstimate of $855k, well under the median in Epsom of $1.82M.

We also see a bit more variation in other parts of the country. For example:

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  • Khyber Road ($937k) is the most affordable in Seatoun, Wellington
  • Norna Crescent ($902k) is the most affordable in Kelburn, Wellington
  • Verran Place ($634k) is the most affordable in Fendalton, Christchurch 

This analysis shows there is something for everyone, even in some of the country’s most expensive areas. We suggest you spend the time doing your research online, driving around the neighbourhood, and talking with local real estate agents, who knows what you will find!


Monthly HomesEstimate Property Update

The homes.co.nz Monthly Property Update is generated using homes.co.nz’s October 2020 HomesEstimates, providing an up-to-date perspective on house values around New Zealand.

Trends in our Main Cities

Strong demand, limited supply, and low interest rates have seen increases in property prices around the country and there is no downturn in sight. The median HomesEstimate in Auckland is now $978K, up almost 10% from this time last year. Even Christchurch, where prices have remained relatively stable, has a median HomesEstimate of $466K which is up 5.9% in the last 12 months.

NZ’s First Home Buyer HomesEstimate

The “First Home Buyer HomesEstimate” is homes.co.nz’s estimate of what a typical first home may cost. It is calculated to be the lower quartile HomesEstimate in a town.


How do we calculate these figures?

The homes.co.nz Monthly Property Update is generated using homes.co.nz’s monthly HomesEstimates and provides an up-to-date perspective on house values around New Zealand. By valuing the entire housing stock, the homes.co.nz Monthly Property Update can compare median values from month to month in a consistent and reliable way. Our HomesEstimates are calculated for almost every home in New Zealand by an algorithm that identifies the relationships between sales prices and the features of a property.

Established in 2013, homes.co.nz is NZ’s first free property information portal eager to share free property information to New Zealanders.

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The Data Team - homes.co.nz (Tom Lintern - Chief Data Scientist)

The Data Team - homes.co.nz (Tom Lintern - Chief Data Scientist)

Tom Lintern is homes.co.nz’s data guy and is in the know when it comes to the property market. If you have a burning question for the homes.co.nz data team, send it through to insights@homes.co.nz and we’ll take a look!

The Data Team - homes.co.nz (Tom Lintern - Chief Data Scientist)

Tom Lintern is homes.co.nz’s data guy and is in the know when it comes to the property market. If you have a burning question for the homes.co.nz data team, send it through to insights@homes.co.nz and we’ll take a look!

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