While overall property prices surge in New Zealand’s largest urban area, and while experts says that people are looking further into the suburbs for value, six areas of the city still have average prices under NZ$400,000.
Real Estate Institute (REINZ) chief executive Colleen Milne said there are still plenty of houses available in the greater Auckland, including two- and three-bedroom properties, for under NZ$400,000. “In some cases, buyers are moving to outside Auckland and commuting from Wellsford, Pokeno and in some instances Hamilton, to achieve affordable, newer or larger properties in these suburbs.”
According to the latest Herald-QV Property Report, areas with the most affordable property prices in Auckland include Clendon Park (average NZ$375,400), Otara (NZ$388,950) and Red Hill (NZ$398,600). Auckland Central and Grafton also have averages below NZ$400,000, though their stock is primarily apartments, and Wellsford, about an hour north in the Rodney district, averaged NZ$339,450.
Milne added that while there are still properties in Auckland that were reasonably affordable for first-time buyers, REINZ believed more affordable housing needed to be built.