St Mary’s Bay was the most expensive place to buy a home, with a median price of $1.45m.
The number of million-dollar suburbs has increased sixfold this winter compared to last, according to the latest REINZ/Fairfax Media Housing Market Report.
Winter is traditionally the quietest time of year for residential real estate but the market remained so strong this year that price gains now appear to be bedded in, particularly in Auckland.
Last winter there were just two suburbs where the median selling price was above $1 million; this year 13 suburbs made it on to that list, all of them in Auckland.
St Mary’s Bay was the most expensive place to buy a home, with a median price of $1.45m. That was up 177 per cent on last year.
However, the REINZ said that was because there was a large number of less expensive apartments sold during the same period last year, which skewed the figures.
This year’s median is probably more representative of prices in the elite suburb
Other suburbs in the million dollar-plus club were Herne Bay, Orakei, Remuera, Westmere, Epsom, Campbells and Castor Bays on the North Shore, Mellons Bay in the eastern suburbs and Mt Eden, Glendowie, Ponsonby and Grey Lynn.
However, substantial price rises have not been confined to the top end of the market.
Last year there were five suburbs in Auckland where the median price was under $300,000. That has now come down to just two as median prices in Otara and Manurewa pushed past the threshold.
The parts of Auckland where the median price was below $300,000 this winter were Wellsford, on the city’s northern limit, Clendon Park, in Manukau, and the CBD, which is dominated by the shoebox apartment market.
However, the CBD also posted strong gains, with this winter’s median price of $255,000 up 21 per cent on last winter.
read the rest here: (and note the chart)