See the earnings required to purchase a home in NZ's top suburbs
Ever wondered how much it costs to live in New Zealand’s most exclusive suburbs?
CoreLogic data showed there are 242 suburbs across the country where the average property value exceeds $1 million. Among these, five stand out as the most expensive, where property values soar far above the rest.
Stuff reported a breakdown of these top-tier suburbs and the income potential homeowners would need to buy a home there.
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Herne Bay: NZ’s most expensive suburb
Herne Bay in Auckland tops the list, with the average property value reaching a staggering $3,378,900 as of Sept. 1, marking a 5.6% increase from the previous year.
According to Infometrics chief economist Gareth Kiernan (pictured above), a household would need an income of approximately $808,000 to afford a property here, assuming a 20% deposit and typical mortgage conditions.
“I don’t think there’s any way that the most expensive suburbs could ever be characterised as ‘affordable’ for the average person,” Kiernan said.
Saint Marys Bay: Pricey but slightly more accessible
Another exclusive Auckland suburb, Saint Marys Bay, saw a slight decline in average property values to $2,757,200, down 1.1% from last year.
Despite the dip, a household would still need to earn around $654,000 before tax to buy a home here, Kiernan estimated. Though still one of the most expensive suburbs, it offers a more attainable option than Herne Bay.
Westmere: Prime real estate with a price tag
Located next to Herne Bay, Westmere takes third place with an average property value of $2,496,200, up 2.7% from 2023.
To own a home in this sought-after area, a household would need to earn about $581,000. While expensive, it remains a highly desirable location in Auckland, Stuff reported.
Remuera: An inner-city option with steady growth
Remuera, just outside Auckland’s city centre, is the fourth most expensive suburb, with an average home value of $2,496,050, a modest 0.5% increase from the previous year.
Buyers in Remuera would need a combined income of $582,000, making it another high-priced but popular choice for Auckland residents.
Arrowtown: The most expensive suburb outside Auckland
Further south, the picturesque town of Arrowtown in the Queenstown-Lakes District is the priciest suburb outside of Auckland. The average property value there surged by 11.1% to $2,450,250, making it a fast-growing market.
Kiernan estimated that a household income of $573,000 would be needed to afford a home in this historic location, Stuff reported.
Affordability concerns across the country
While these suburbs are clearly out of reach for most New Zealanders, Kiernan pointed out that rising property prices aren’t limited to top-tier areas.
“More people have become priced out of more ‘working class’ suburbs as well – or are faced with taking on large amounts of debt,” he said.
Even outside the most expensive suburbs, housing affordability remains a pressing issue across the country.
To know about where to find New Zealand's cheapest homes, click here.
Curious about how property values across NZ suburbs have changed in recent months? Read this article.
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