Grafton now Auckland's fastest rising suburb

New research by the Real Estate Institute of New Zealand looked at the median price of properties for six months ending in March.
New research by the Real Estate Institute of New Zealand looked at the median price of properties for six months ending in March. Photo credit: File

An analysis of Auckland's fastest rising suburbs in terms of house price increases has revealed that central Auckland suburb Grafton tops the list.

Research by the Real Estate Institute of New Zealand (REINZ) looked at the median price of properties for six months ending March 2018.

Properties in Grafton saw a median price increase of 39.8 percent when compared to the same period last year - increasing from $420,000 to $587,000. 

Mt Eden was close behind with the median price showing an increase of 36.7 percent from $927,000 to $1,267,000.

Northcote Point came in at third place, with an increase of 19.2 increase, rising from $1,147,000 to $1,367,500.

Westmere, Epsom, Albany, Mellons Bay, Point Chevalier, Campbells Bay, Freemans Bay were all included in the list. 

Grafton now Auckland's fastest rising suburb
Photo credit: Real Estate Institute of New Zealand

REINZ Chief Executive Bindi Norwell says the top fastest growing suburbs all have common factors.

"They are all close to the CBD, have good motorway access and public transport links, they have a number of entertainment or dining options available to them and they also have access to green spaces.

However, what makes Grafton and Mt Eden clearly stand out from the other 'top 10' fastest rising suburbs in Auckland is the school zones they offer, Ms Norwell says.

"Both Grafton and Mt Eden fall into Auckland's very popular Grammar Zone. With education continuing to be a key purchasing decision, this is adding to the price that people are prepared to pay to live in these areas."

The median price for Auckland over the same period decreased by 0.9 percent from $863,000 to $855,000, the research says.

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