The latest property data from CoreLogic NZ shows a now familiar rise in house prices across the motu.
Even closed borders, nationwide lockdowns and a global pandemic can’t stop New Zealand house prices from rising. CoreLogic’s latest data update shows an increase in median house prices in every one of 983 suburbs covered, with some increasing by as much as 48% in the 12 months from September 1, 2020 to September 1, 2021.
Only 24 suburbs in the country saw increases of less than $50,000. The annual living wage in New Zealand is less than $50,000.
Herne Bay in Auckland has retained its spot at the top of the pricing charts, with a median property value of $3.25 million. The largest dollar increase for the year was neighbouring Ponsonby, where the median house price increased by $597,550.
In June 2021, there were three suburbs in Tauranga with a median house price of over $1 million. Now, three months later, there are eight.
The old classic “just move out of Auckland” from last decade became “just move out of Auckland and Wellington” by 2020. Now, with first-home buyers looking south for affordable property, there are fewer and fewer places to move. Dunedin’s first million-dollar suburbs are Māori Hill and East Taieri. There are just three suburbs in the city with median values below $500,000.
Across the country, there are only 150 suburbs with a median value of less than $500,000: 61 in the North Island, 89 in the South.
Te Anau holds the bittersweet title of Only Suburb Where Median House Increased By Less Than 5% In One Year. Taumarunui – and its smaller neighbour Manunui – had the largest increases, a terrifying 47.9% and 48.9% respectively.
All 983 suburbs in New Zealand are included in the tool below, created by our head of data Harkanwal Singh. The tool can be used to search by suburb or area, and the data can be ordered by median price or percentage change by clicking on the name of the respective column. Enjoy!