House Prices Rise In “Leafy” Suburbs

House boom – rise of the $1m suburbs
By Alanah Eriksen

Westmere is newest member of an exclusive club, but Herne Bay is still leading the charge.

The suburb of Herne Bay has again topped the table with an average value of about $1.8 million. Photo / Brett Phibbs
Eleven Auckland suburbs now have average house values of $1 million or more – and New Zealand could have its first $2 million suburb by Christmas.

Auckland’s soaring house market has been highlighted in new figures given to the Herald, showing Westmere, Ponsonby and Devonport are the latest suburbs to join the $1 million club, alongside eight others.

The number of million-dollar suburbs is now higher than at any time during the previous housing boom.
PropertyIQ – part-owned by QV – valued every house in each suburb based on recent sales of nearby comparable properties to find an average, although there are many properties that would fall below the figure.

The suburb of Herne Bay has again topped the table, with an average value of about $1.8 million – a rise of 10.5 per cent since last year.
Other areas on the list this year include St Marys Bay, Parnell, Epsom, Stanley Pt, Remuera, Takapuna and Mission Bay.
Herne Bay’s neighbouring suburb Westmere had the biggest increase, with average values rising 12.9 per cent to $1,065,000.
Auckland businessman Grant Nola and his former Bulgarian tennis pro wife Pavlina last week sold their bungalow on William Denny Ave in Westmere for $2.25 million – $350,000 above its council valuation of $1.9 million

link:

http://www.nzherald.co.nz/property/news/article.cfm?c_id=8&objectid=10834737

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