latest blog articles

Daydreaming about your favourite home again? What would it really take to buy ‘that’ house in the best spot in town? Read our nationwide price update to find out what those ‘must-have’ homes are really selling for, up and coming suburbs to watch and where the best rental returns can be found!

By: Victoria O'Neill, Jan 2020

As New Zealand’s growing population continues to put pressure on the property market, 2019 was best summarised as true ‘sellers’ market’.

So how much did people actually pay for property in 2019 and what areas really delivered returns for investors? CoreLogic have compiled their ‘Best of the Best’ report to reveal the top performing property hotspots in Auckland, Christchurch, Dunedin, Hamilton, Tauranga and Wellington.

Auckland

  • The top dollar destination

    • You know you’ve made it in Auckland when you can call Herne Bay home. Whether you are drawn to the boutique shops, ritzy restaurants or the beautiful water vistas, Herne Bay offers luxury living with a luxury price tag! The median cost for a home in this exclusive postcode in 2019 was $2,488,800.
  • Shortest time to sell

    • Highland Park proved popular among home buyers in 2019 with properties eagerly snapped up within just 19 days.
  • The suburbs for savvy investors

    • With its close proximity to local attractions including Onetangi Beach and Miranda Hot Springs, Orere Point offered the best gross rental yields for property investors (6.4 per cent).
    • Otara in South Auckland delivered the best year-on-year property price growth with owners enjoying 4.2 per cent higher prices than the previous year.

Christchurch

  • The top dollar destination

    • In the hillside suburb of Scarborough, it’s hard to find a home without a million-dollar view. With many coastal walks, parks and green spaces to enjoy, the town is popular with beach-loving retirees and is well-coveted with its median price of $1,179,650.
  • Shortest time to sell

    • Known for its café culture and boho-vibe, Lyttleton continues to grow in popularity. Homes in this historic port town spent a minimum of 20 days on the market.
  • The suburbs for savvy investors

    • With its close proximity to Christchurch’s local attractions including the Botanic Gardens and the Christchurch Gondola as well as its stunning city views, Cashmere offered the best gross rental yields for property investors at a substantial 19.3 per cent.
    • Often described as ‘nature’s playground’, the seaside retreat of Akaroa delivered the best year-on-year property price growth, with owners enjoying 11.6 per cent higher prices than the previous year.

Dunedin

  • The top dollar destination

    • Maori Hill took out Dunedin’s top spot, with a median home price of $753,850. Regarded as one of the city's wealthier and more exclusive suburbs, Maori Hill’s maze of winding streets offers buyers heritage delights and bushland views.
  • Shortest time to sell

    • Located just outside of the city’s urban area, homes in the quiet rural suburb of Brockville took just 7 days to sell. It is also Dunedin's western-most suburb, high on the hill above the Kaikorai Valley surrounded by farmland and bush reserves.
  • The suburbs for savvy investors

    • Housing many of the city's major institutions, including the city's university, polytechnic, main hospital, and largest museum, North Dunedin topped the list for the highest gross rental yields in the region at 6.2 per cent.
    • With an impressive 25.3 per cent year-on-year property price spike, Waitati has been known for its appeal to those who pursue an alternative and greener lifestyle.

Hamilton

  • The top dollar destination

    • With tennis courts and swimming pools frequently listed as standard features in this suburb, it’s not surprising to see Harrowfield top the chart for the highest median property values in Hamilton. Buying into this sought-after suburb in 2019 required a median investment of $841,200.
  • Shortest time to sell

    • Popular among golfers and home buyers alike, selling a home in Saint Andrews probably felt like getting a hole–in-one with properties selling in just 17 days.
  • The suburbs for savvy investors

    • The highest gross rental yields in Hamilton could be found in Enderley (5.3 per cent) while the best year-on-year property price growth could be found at Grandview Heights (7.6 per cent).

Tauranga

  • The top dollar destination

    • Described as a coastal resort town with stunning beach views, Mount Maunganui, is a surfer’s paradise. Enjoying easy access to the water and the largest shopping precinct outside of Auckland and Wellington came at a median price tag of $953,400 in 2019.
  • Shortest time to sell

    • Bellevue was a hit among home buyers in 2019 with most homes selling well within a month (24 days).
  • The suburbs for savvy investors

    • The best performing suburb rent-wise was Parkvale. Here, investors realised gross rental yields of 4.9 per cent.
    • While property prices were largely flat in Tauranga throughout the year, Poike proved to be the top performer. With access to those ‘must-have’ water views, prices here rose year-on-year by 10.1 per cent.

Wellington

  • The top dollar destination

    • Located east of Wellington, the seaside town of Seotoun offers easy living, gorgeous views and the most expensive homes in Wellington. Catching one of these must-have homes overlooking the stunning, but notoriously hazardous Barrett Reef, required a median price of $1,425,650 in 2019.
  • Shortest time to sell

    • Located in a largely untouched valley outside of Wellington, savvy homeowners snapped up properties in the colourful and modern Aro Valley in just 16 days.
  • The suburbs for savvy investors

    • Right in the heart of the city, Wellington’s CBD offered the highest gross rental yields at 5.2 per cent.
    • Wellington’s northern-most suburb of Tawa offered the highest year-on-year property price growth at 7.7 per cent.

The opinions expressed in this article are the opinions of the author(s) and not necessarily those of RESIMAC Direct. The above is general commentary only and is not advice tailored to any individual’s financial situation. We recommend seeking advice from a mortgage or finance professional before implementing changes relating to your finances.

 
  • Use a calculator to get an estimate of how much you can borrow. Try one here

  • See if you qualify. To get a more accurate idea of how much you can borrow with RESIMAC Direct, click here

  • Call our Lending Specialists and they can do the calculation for you over the phone purchasing answer any questions you have at the time. Talk to us on 0800 466 656