What sort of home can NZ$1,000,000 buy? A roundup of cities across New Zealand — the comparisons are hard to swallow…

CoreLogic has released its latest data for April, showing that New Zealand’s average house value has fallen another 0.6% to NZ$928,656, still around NZ$200,000 above its pre-pandemic level in March 2020. The average residential property value is now 10.2% lower than in the same month last year and NZ$115,000 below its peak in March 2022.

 

So, in today’s market, what sort of property can NZ$1,000,000 buy in New Zealand?

 

The YIJU editorial team searched Trade Me in the NZ$950,000–1,000,000 price range and found some surprising answers…

 

Auckland

 

Auckland house values are still falling, with the annual decline reaching 12.1%. According to CoreLogic, Auckland’s average house value is now NZ$1,314,546.

 

According to Trade Me, Auckland has 1,193 properties in the NZ$950,000–1,000,000 price range, with options including apartments, townhouses and standalone houses spread across the city.

 

 

For example, NZ$1,000,000 can buy — 

A 3-bedroom townhouse in the well-planned suburb of Hobsonville (RV: $955,000).

41 Walter Merton Road, Hobsonville, Waitakere City, Auckland

  

Although Auckland has plenty of listings around NZ$1,000,000, they fall well short of the traditional Kiwi Dream of a grand home on a 1/4-acre section. Buyers with a budget of just NZ$1,000,000 will most likely have to make some compromises. Requirements around location, property type and school zones can also push the budget up substantially.

 

Hamilton

 

According to CoreLogic’s latest house price index, Hamilton currently has an average house value of NZ$806,675, down 9.5% over the year.

 

According to Trade Me, Waikato has 335 properties for sale in the NZ$950,000–1,000,000 price range, including 74 in Hamilton.

 

With NZ$1,000,000, buyers can choose from several popular Hamilton suburbs, for example —

 

A four-bedroom, 3-bathroom standalone home in Huntington, zoned for decile 10 schools (asking price: $999,000).

47 Wiltshire Drive, Huntington, Hamilton, Waikato

 

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Wellington

 

Among New Zealand’s main cities, Wellington has recorded the largest annual fall, at 18.8%, and currently has an average house value of NZ$901,992。

 

Trade Me has 175 Wellington properties listed for sale in the $950,000–1,000,000 price range.

 

Within this budget, buyers could consider —

 

A brand-new, three-bedroom, two-bathroom standalone home in Lower Hutt (asking price: $950,000).

Lot 8 - 10 Tarata Lane, Avalon, Lower Hutt, Wellington

 

 

Christchurch

 

Christchurch house values have remained relatively steady during this downturn, with an annual decline of just 3.6%, the smallest among the main cities. The average house value is currently NZ$734,335。

 

Trade Me has 86 properties listed for sale in Christchurch City in the $950,000–1,000,000 price range, including —

 

A brand-new, three-bedroom, four-bathroom townhouse in the heart of the city centre (asking price: $977,500).

240 St Asaph Street, City Centre, Christchurch City, Canterbury

 

 

Queenstown

 

Queenstown Lakes has bucked the nationwide downturn, recording a rare increase of 1.9% over the past three months, and the average house value is currently NZ$1,712,092。

 

Only 8 properties are available in the $950,000–1,000,000 price range. For example, buyers could purchase an 80-square-metre standalone home with two bedrooms and one bathroom near Queenstown Airport (asking price: $989,000).

18 Stewart Street, Frankton, Queenstown-Lakes, Otago

 

Dunedin

 

Dunedin house values have fallen 10.6% over the year, and the average house value is currently NZ$620,391. A budget of $950,000–1,000,000 is well above the local average, with 21 properties available and a relatively high standard of homes to choose from.

 

For example, a secluded five-bedroom, three-bathroom home in the holiday destination of Mosgiel (enquiries over $1,000,000).

45 Braeside, Mosgiel, Dunedin, Otago

 

Other areas

 

Look towards smaller cities and you may be surprised by just how far NZ$1,000,000 can go.

 

For example, in Invercargill, where house prices are comparatively low, a four-bedroom, two-bathroom estate near the airport on 7146 square metres of land (asking price: $989,000).

32 Matua Road, Otatara, Invercargill, Southland

  

If big-city house prices are causing you concern, consider other New Zealand cities. Pay may be similar for many jobs, while housing affordability and the quality of life it brings can improve considerably.

 

The benefits of starting a new life in another city — whether a slower pace, easier travel, more disposable income or a better work–life balance — may help you forget the particular advantages of big-city living.

 

If you could choose freely, where in New Zealand would you live?