NZ’S best street
Will set you back a bit,
Properties in the nation’s most expensive street rose in value by $500,000 in the past year, Quotable Value data shows.
Homes.co.nz has compiled a list of the country’s priciest streets.
Cremorne St in Herne Bay, Auckland, comes in at number one, with a median estimated value of $6.554 million. That’s up from $6.014m last year – an increase of just under 9 per cent.
Auckland-wide, house values are only up 0.8 per cent year-onyear, according to the most recent QV data.
‘‘It’s hard to imagine that those on the wealthiest street in New Zealand have netted capital gains of $500,000 in the last 12 months, even with the slowdown in the market,’’ Homes.co.nz spokesman Jeremy O’hanlon said.
The next most expensive neighbourhoods were Minnehaha Ave and Audrey Rd in Takapuna, and Westbury Cres in Remuera.
O’hanlon said Minnehaha Ave did not feature among the top five in 2016 but the sale of number 11 pushed it over the line this year.
The property sold for $4.455m, up from $2.562m in 2013.
The only other street in the country that comes close to those prices is Hunter Rd, in Speargrass Flat, in the Queenstown-lakes District. There, houses are worth a median $4.594m, up 62 per cent on last year. But there are only 13 homes on the street, which may skew the median.
Wellington’s most expensive street was Bayview Terrace, in Oriental Bay, with a median value of $2.48m, up 25 per cent year-onyear, more than twice Wellington’s overall value growth.
Heathfield Ave in Fendalton topped Christchurch, at $2.717m, up almost 10 per cent even though Christchurch values overall fell just under 1 per cent over the year.
David Whitburn, of Fuzo Property, said prices could be expected to remain firm in the country’s priciest streets even if the surrounding market slowed, as good quality properties continued to be sought after.
He said streets such as Westbury Cres in Remuera – number four on the list – could drop out, though, as zoning changes allowed more intensification and cheaper properties to be built.
Audrey Rd and Minnehaha Ave were not affected by zoning changes.
Whitburn said if he were buying for price growth, he would look to areas around Auckland’s airport and Westgate, where significant new infrastructure is being developed.
Northland would also be expected to get a price lift, if NZ First leader Winston Peters could get his demands for the region across the line.
Areas that had been popular with investors, such as Clendon Park and Papakura, which did not have the same infrastructure support, could experience falling prices, he said.
NEW ZEALAND’S MOST EXPENSIVE STREETS