Corelogic has released New Zealand’s highest priced suburbs in 2020, on the Corelogic Mapping Tool.
Auckland’s Herne Bay was found the highest priced suburb in the country an average property value of $2.71 million.
Nearly all suburbs around Auckland saw house values rise in the last year with Dannemora jumping 16.2 percent with an average gain of $201,000 in the last 12 months.
Auckland Central, with $540,000, had the lowest median value in the city, reflecting the high number of apartments, CoreLogic said.
In Wellington, the most expensive suburb recorded was Seatoun, where the median property value was $1.48 million. Every suburb saw values rise in the year, with Wainuiomata leading the charge with a whopping 20.5 per cent rise.
Harrowfield was Hamilton’s priciest suburb, with an average house value of $869,000. Even though Bader came in as the region’s cheapest suburb, it still had the biggest rise in value of 13.5 percent, up to $462,000.
Meanwhile, Tauranga’s most expensive suburb was Mount Maunganui, which just topped $1 million.
High demand and low supply, along with low mortgage rates, have been key factors behind the general resilience of property values to date, said CoreLogic economist Kelvin Davidson.
