NZ’s most expensive streets
The country’s 10 most expensive streets are all in the Auckland region and the Queenstown Lakes District, new research shows.
The country’s 10 most expensive streets can all be found in the Auckland region and the Queenstown Lakes District, new CoreLogic research reveals.
Using its estimated median value for every residential and lifestyle property nationwide as at mid-January, the property data company identified the 10 priciest streets overall, and the top five in each of the main centres. The analysis is not based on Rateable Values.
CoreLogic’s head of research Nick Goodall says the analysis was limited to streets with more than 10 residential properties, but it is worth noting shorter streets dominate the result.
That is because fewer properties in a street means less variation. A longer street has more properties across the price spectrum, and a few very low prices pull down the overall median, he says.
‘‘For that reason, longer streets like Auckland’s Paritai Drive, which are known to be costly and exclusive, are a bit lower down the list.’’
Paritai Drive in O¯ rakei was home to New Zealand’s top sale, when a cliff-top mansion, developed by former Hanover Finance director Mark Hotchin, sold to China-born businessman Deyi Shi for $39 million in 2013.
But it has 154 properties, and a median value of $3.5m.
Each of the top 10 streets identified by CoreLogic has a median value of more than $5.26m, but it is Cremorne St in Auckland’s prestigious Herne Bay that is the country’s most expensive.
The cul-de-sac with waterside views has a median value across 15 properties of $6.58m, and has been ranked near the top in previous lists of Auckland’ most expensive streets for more than 20 years. As of this week, all the homes on Cremorne St have estimated values above $4.6m, but numbers 12 and 15 have the highest at $35.5m and $32.1m respectively, according to homes.co.nz. In 2018, No 15 was the top sale of the year when rich-listers Paula and Simon Herbert bought it for $27.5m.
Real estate agent Blair Haddow, from Bayleys Ponsonby, says the street is in an amazing location, and has all the attributes that make streets desirable. It has large northfacing sections, big heritage homes on a grand scale, is near the water, with a beach at the bottom of the street and some sites on the waterfront, and great harbour views, he says.
‘‘It’s also in a central location, close to Ponsonby, Westhaven, the CBD and the motorway, and so has easy access to amenities, but the key thing to its values is probably the sheer size of the sites and the properties.
‘‘Homes in the street are very tightly held, and hardly ever change hands, despite being very much in demand.’’
The second most expensive street in the country is Slope Hill Rd in Speargrass Flat in Queenstown. It has a median
value of $6.48m across 35 properties. Ray White Queenstown principal Bas Smith says it is a picturesque rural road, with large two- to three-hectare lifestyle properties, close to Lake Hayes.
Property around Lakes Hayes and Arrowtown is very sought after, he says. ‘‘It’s in high demand, but not much comes up for sale.’’
Queenstown has a large number of large, high-end luxury properties, but many are in enclaves where homes have their own private access roads, and streets are not named.
Mount Gold Place in Wa¯ naka in the Queenstown Lakes District is the country’s third most expensive street with a median value of $6.22m across 15 properties.
Nick Johnstone Drive on Waiheke in Auckland, and Ridgecrest in Wa¯ naka round out the top five, with median values of $6.12m and $5.82m across 13 and 23 properties respectively.
Of the other five most expensive streets, three – Delamore Dr in Waiheke’s Oneroa, Paraone Place in O¯ maha, and Castle Drive – are in Auckland. They have median values of $5.63m, $5.43m, and
$5.26m. The remaining two are in the Queenstown Lakes District. They are Waimana Place in Wa¯ naka and Hogans Gully Rd in Arrowtown, with median values of $5.53m and $5.45m.
Goodall says it is not surprising the country’s most expensive streets are in the Auckland region and the Queenstown Lakes District, as they have the highest average prices. CoreLogic’s latest House Price Index had Auckland’s average price at $1.35m, and Queenstown’s at $1.67m, in December.
But the locations of the streets shows just how high the value placed on views, proximity to water, and scenic beauty is, he says. ‘‘People really rate properties that have these features, and they tend to build bigger homes on them to take make the most of the land parcel and the prime location.’’
Streets with large sections close to the centre of town also have a premium, especially as such sites have become rare as cities have been built up around them, he says.
‘‘If a street has a combination of these features, or all of them, as is the case with Cremorne St, the odds are it will have a higher median value.’’
The three Wa¯ naka streets which are in the top 10 also illustrate this. Harcourts
Wa¯ naka owner Grant Parker says they all have easy access to the lake, spectacular views, large sections, and are close to town.
‘‘Mount Gold Place is the furthest from the town centre, but it’s just a few minutes’ drive, and has breathtaking panoramic views of the lake and the mountains.’’
Waimana Place and Ridgecrest are prestige streets, with many huge one acre (0.4 hectare) sections that allow for pools and tennis courts, he says.
Wellington’s most expensive street is Bayview Tce in Oriental Bay. It has a median value of $3.35m across 11 properties.
The waterfront suburb of Oriental Bay is pricey. While Bayview Tce is not on the waterfront itself, it has harbour views and easy access to the water, as well as Mt Victoria’s green space.
In Christchurch, the most expensive street is Heathfield Ave in Fendalton. It has a median value of $3.64m across 10 properties.
The small, tree-lined cul-desac has been named the city’s most expensive street before, and Fendalton has long been its most expensive suburb. It is not close to the water, but it is less than 3km from the CBD, and is in zone for top schools.
Hamilton’s most expensive street is Kotahi Ave in Beerescourt with a median value of $2.57m across 11 properties; Tauranga’s is Otira Close in Papamoa with a median of $3.68m across 19 properties; and Dunedin’s is School Rd North in Mosgiel with a median of $1.77m across 13 properties.