The not so elusive million dollar property

With the population growing and house prices recovering in some areas after the financial down turn, is a million dollar property really that remarkable anymore? It’s still a big figure for most, no doubt there, but is it becoming more and more familiar to see them, to the point where it’s a non event?

Judging from the amount of houses in New Zealand that are worth over $1 million, it is probably more common than most think. There are simply a lot around – over 40,000 in fact.

Our data shows that across the country, on streets with at least five houses, there are over 4,600 streets in New Zealand that have at least one property with a CV of over $1 million. Over 1,100 streets have more than ten houses with a CV of over one million and there are even 24 streets that have 100 or more million dollar properties.

Furthermore, over 450 streets have at least one property worth over $3 million and over 140 streets with a property worth over $5 million. In fact, there are 118 streets in New Zealand where every single property on the street is worth over a million dollars.

But when we dig a bit deeper is it really as simple as saying that million dollar houses are more common, more available to the general home buyer? For starters, of all the streets that have houses worth over a million most are in Auckland, based in the city or in the North Shore.

We can look at this two ways. Firstly, of the streets with the most million dollar properties only 3 in the top 10 of are outside Auckland – two of which are in Tauranga, and the other being in Wellington.

Top 10 streets with most million dollar properties

The other perspective we can take is median price, with only 2 of the top 10 streets with the highest median price located outside of Auckland – one in Queenstown Lakes and one in Whangarei. Either way Auckland, particularly Auckland City, is dominating the landscape of seven figure properties.

Top 10 streets with highest median price

So, getting down to what everyone really wants to know, which are the most expensive streets across the country? Here are the top three streets per region (based on median CV price):This may not come as a surprise to some, especially considering most of our population is based in Auckland. But with only approximately 12,400 properties located throughout the rest of the country, leaving nearly three quarters of the highly priced properties in the Auckland region, it is a measly ratio. Although it’s all relative, it seems the elusiveness and exclusivity of being a million dollar home owner is less than ever before.

Auckland
Cremorne Street, Herne Bay - $5,250,000
Stack St, Herne Bay - $3,375,000
Audrey Road, Takapuna - $3,000,000

Wellington
Carlton Gore Road, Oriental Bay - $2,650,000
Bay View Terrace, Oriental Bay - $2,300,000
Oriental Parade, Oriental Bay - $1,675,000

Christchurch
Searidge Lane, Sumner - $1,917,500
Mayfly Lane, Northwood - $1,870,000
Whitewash Head Road, Sumner - $1,550,000

Queenstown Lakes
Streamside Estate, Arrowtown - $2,800,000
Malaghans Ridge, Arrowtown - $2,075,000
Orchard Hill, Arrowtown - $2,025,000

Other top streets
Breadalbane Place, Whangarei - $2,742,500
Whakamoenga Point, Taupo - $1,870,000
Mooloo Crescent, Thames Coromandel - $1,740,000