The median house price in Auckland grew at 7.25% between Jan 2000 and Aug 2018 ($230,000 to $850,000).
However, house price growth varied widely in different suburbs.
Within that period, the median property in Point Chevalier grew at 9.45% – the fastest in the Auckland region.
These houses grew in value from $275,900 to $1,488,600 – meaning that Point Chevalier homeowners earned $1,212,700 within the period. That is almost $65,000 a year, which is higher than the median income.
The slowest growing suburb was Auckland Central, which grew at 4.87%, from $222,400 to $540,500. That’s a total of $318,100 just over $17,000 a year.
point chevlier 9.45%
Auckland House Prices Have Increased By 6.3% Annually Over The Last 10 Years …
The Auckland property market is so unique that when the Real Estate Institute of New Zealand (REINZ) publishes its monthly report, it includes a figure for all of New Zealand – excluding Auckland.
The median house price in the Auckland region is $848,000 (Sept 2019), $208,000 (32.5%) more than the next most expensive region, Wellington.
It’s clear in the following Auckland and the West Coast are outliers. One is significantly more expensive than the next most expensive suburb – the other is significantly cheaper than the next cheapest suburb.
This is primarily for the same reason – population growth.
Auckland’s population is expected to grow by over 30% in the next 20 years, whereas the West Coast is the only region where the population is expected to shrink.
On top of this, Auckland’s residents are set to make up 40% of the country’s population; it is the economic powerhouse of the country, and its economy is diversified.
These are all factors that we associate with a property market that is geared for higher house prices. That’s why Auckland ranked so highly in our analysis of NZ property markets.
Auckland homeowners have done very well over time. Between Sept 2014 and Sept 2019, the median Auckland house price grew by $228,000 (from $620,000 to $848,000). This is a 6.46% average annual increase.