PHOTO: A million-dollar property isn’t what it used to be in the City of Sails. Source: Seven Sharp
A million-dollar property isn’t what it used to be – it’s now the norm in Auckland, while other areas are also catching up.
But in New Zealand’s second biggest city, $1 million still comes with plenty of bang.
Around 20 minutes north of Christchurch, there’s a property with everything you could want: swimming pool, paddocks, five bedrooms, three bathrooms and 394 square metres of home – and a boat.
Its rateable value is $950,000, but real estate agent Peter McClelland thinks it’ll go for up to $1.2 million.
“It’s enormous when you compare with what you can get in other parts of the country,” McClelland told TVNZ1’s Seven Sharp.
“I suspect that a fairly ordinary house in Auckland would probably buy this… so it’s not a bad substitute.”
Auckland’s median house price is currently just a tick under seven figures, at $955,000.
Canterbury, by comparison, is almost half that.
So if Christchurch is undervalued and Auckland is paying overs, where does that leave Wellington?
“We probably are bang smack in the middle of that,” Lowe & Co’s Anji Foster says.
“At the moment we’re just seeing incredible growth month on month.”
The median price in Wellington is $735,000 and climbing.
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