How the boom changed your city

ALL SHOOK UP

How the proper ty boom changed the face of NZ cities

BETWEEN January 2020 - just before Covid took hold - and January 2022 the nationwide average property value jumped 45 per cent, from $760,000 to $1.103 million. Some towns and cities saw growth of more than 60%, and even those left behind by the boom registered a level growth that would be, in years previous, classed as strong.

The housing frenzy radically altered the landscape for buyers and sellers, with typical prices in many locations now well above $1m. The maps over the following pages illustrate that dramatic change.

Data analysis: Owen Vaughan, James Wilson, Wayne Shum Maps: Chris McDowall, Derek Watts Design: Beth Walsh

WHANGAREI

The change in Whangarei’s house prices is most apparent at the upper end: in January 2020, just two suburbs Langs Beach and Taiharuru - had an average property value of more than $1m; by January 2022, the number had grown to 29.

The city’s overall average property value grew 49 per cent over the two-year period from $639,000 to $953,000. Otangarei, in the city’s north, is the cheapest place to buy property, and is the only suburb in Whangarei that has an average property value of less than $500,000.

AUCKL AND JAN 2020

AUCKLAND

Auckland’s average property value grew 44 per cent over the two-year period from $1.09m to $1.57mIn January 2020, just one suburb - rural Te Hana, on Greater Auckland’s northern-most fringes - had an average property value of less than $500,000, while Auckland Central, home to shoebox apartments, was the cheapest entry point for those wanting a CBD location.

All up, 124 suburbs out of 278 covered had an average property value of less than $1m. Most of these were in the city’s southern belt and rural fringes, although there were still a dozen or so central city suburbs, such as Onehunga and Mt Wellington, where buyers could get a standalone house or unit for six figures. Just nine suburbs had an average property value of $2m-plus, with Herne Bay, in the city’s inner-west, the city’s (and country’s) most expensive housing market. >

AUCKL AND JAN 2022

The 2022 map illustrates the shift in prices. Bar three apartment-heavy locations, the majority of suburbs in the city’s central belt have average property values of $1.5m and above, and much of South Auckland has moved into the $1m-$1.5m price bracket. The number of $2m-plus suburbs has grown to 68, eight of which are in the $3m-plus bracket.

Herne Bay is still the most expensive suburb, but its average property value jumped $1.17m to $4.14m over the two-year period. It is one of five suburbs where prices rose $1m or more. A further 122 suburbs saw value increases of between $500,000 and $1m. The smallest increases - less than $200,000 - were in the city’s apartment suburbs of Auckland Central, Newmarket, Eden Terrace, Grafton and Manukau.

HAMILTON

At the start of 2020, most of Hamilton - 35 out of 41 suburbs - sat in the $500,000 to $1m price bracket, although you could still quite easily pick up a home for less than half million dollars in Bader, Deanwell, Enderley and Te Rapa. Just two suburbs - Peacocke and Burbush - had an average property value of above $1m.

Jump to January 2022, and Peacocke and Burbush are still the city’s most expensive suburbs, with average property values of $1.59m and $1.62m respectively, but they have been joined in the $1m-plus club by another 12 suburbs.

Hamilton’s overall average property value has grown 46 per cent over the twoyear period from $643,000 to $939,000, and while the bulk of the city (27 suburbs) still sits in the sub-$1m bracket, no suburb has an average property value of less than $500,000.