Auckland house prices: Mission Bay leaps further out of reach
Mission Bay owners looking to sell will be rubbing their hands with glee on seeing the latest figures from Barfoot & Thompson.
Auckland's biggest real estate company says the average sale price of a home in the seaside suburb rose more than any other in 2016 - up 53 percent, from $1,167,505 to $1,787,500.
Of the 20 fastest-rising suburbs, six are on the North Shore - Takapuna leading the way, up 37 percent to $1,355,000.
"Real estate sales prices continued to rise throughout 2016, with the rate of increase slowing slightly towards the end of the year," says Peter Thompson, Barfoot & Thompson managing director.
"Mission Bay increased by around a third more than any other area."
Some suburbs have seen massive falls in the median sales price - but first-home buyers should take the news with a grain of salt.
"There is a building boom in Auckland," says Mr Thompson. "The result is more apartments."
Freeman's Bay in the central city saw its average sales price drop $554,000 - most of the 122 sales in 2016 were apartments, while the year before was dominated by standalone houses.
2015's fastest-growing suburb - Orakei - plummeted to #108, with the median price dropping $50,000 - but still an eye-watering $2,050,926.
"Buyers are looking further out and perhaps trading off a central location for other lifestyle factors," says Mr Thompson.
"Twelve of the Top 20 are coastal, which is not surprising given New Zealanders' love of the water."
The average price of an Auckland home is around $1 million, double what's generally considered affordable for average families.
Barfoot & Thompson's 20 fastest-rising suburbs
- Mission Bay
- One Tree Hill
- Castor Bay
- Grey Lynn
- Mangawhai Heads
- Rothesay Bay
- Royal Oak|
- Cockle Bay
- Browns Bay
- Bucklands Beach
- Manukau Central