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Real Estate Investar Blog

New Zealand's most expensive streets are paved with capital gains

Waterfront Cremorne Street in the central Auckland suburb of Herne Bay is the country's most expensive road, new data shows.

Homes.co.nz has compiled a list of the country's priciest streets. Cremorne St comes in at number one, with a median estimated value of $6.554 million. That's up from $6.014m last year – an increase of just under 9 per cent. Auckland-wide, house values are only up 0.8 per cent year-on-year, according to the most recent QV data.

"It's hard to imagine that those on the wealthiest street in NZ have netted capital gains of $500,000 in the last 12 months, even with the slowdown in the market," Homes.co.nz spokesman Jeremy O'Hanlon said.

It was followed by Minnehaha Ave and Audrey Rd in Takapuna, and Westbury Crescent in Remuera.

O'Hanlon said Minnehaha Ave did not feature among the top five in 2016, but the sale of number 11 pushed it over the line this year.

The property sold for $4.455m, up from $2.562m in 2013.

The only other street in the country that comes close to those prices is Hunter Rd, in Speargrass Flat, in the Queenstown-Lakes District. There, houses are worth a median $4.594m, up 62 per cent on last year. But there are only 13 homes on the street, which may skew the median.

Wellington's most expensive street was Bayview Terrace, in Oriental Bay, with a median value of $2.48m, up 25 per cent year-on-year, more than twice Wellington's overall value growth.

Heathfield Avenue, in Fendalton, topped Christchurch, at $2.717m, up just under 10 per cent even though Christchurch values overall fell just under 1 per cent over the year.

David Whitburn, of Fuzo Property, said prices could be expected to remain firm in the country's priciest streets even if the surrounding market slowed, as good quality properties continued to be sought after.

He said streets such as Westbury Cres in Remuera - number four on the list - could drop out, though, as zoning changes allowed more intensification and cheaper properties to be built. Audrey Rd and Minnehaha Ave were not affected by zoning changes.

Whitburn said if he were buying for price growth, he would look to areas around Auckland's airport and Westgate, where significant new infrastructure is being developed.

He said Northland would also be expected to get a price lift, if Winston Peters was able to get his demands for the region across the line.

Areas that had been popular with investors, such as Clendon Park and Papakura, which did not have the same infrastructure support, could experience falling prices, he said.

New Zealand's most expensive streets:

Auckland

Cremorne St, Herne Bay: $6.554m

Minnehaha Ave, Takapuna: $5.308m

Audrey Rd, Takapuna: $4.861m

Westbury Cres, Remuera: $4.837m

Nick Johnstone Dr, Waiheke Island: $4.739m

Christchurch City

Heathfield Ave, Fendalton: $2.717m

Mayfly Lane, Northwood: $2.639m

East Stream Lane, Northwood: $2.273m

Taunton Green, Papanui: $1.914m

Bradnor Road, Fendalton: $1.868m

Dunedin City

Fairmile Dr, Kinmont Park: $1.163m

Wairongoa Rd, North Taieri; $1.136m

Tirohanga Rd, North Taieri: $1.136m

Kilmarnock Close: $963,727

Gladstone Rd South, East Taieri: $929,315

Hamilton City

Kotahi Ave, Beerescourt: $1.410m

River Oaks Place, Pukete: $1.224m

Durham Heights, Flagstaff: $1.137m

San Clemento Way, Rototuna: $1.065m

Karl Michael Crescent, Flagstaff: $1.058m

Queenstown-Lakes District

Hunter Rd, Speargrass Flat: $4.594m

Mcentyre's Lane, Arrowtown: $3.807m

Mooney Rd, Speargrass Flat: $3.703m

Sunrise Bay Dr, Wanaka: $3.010m

Malaghans Ridge, Arrowtown: $3.008m

Tauranga City

Ngarata Ave, Mt Maunganui: $1.624m

River Oaks Drive, Tauriko: $1.620m

Te Ngaio Rd, Mt Maunganui: $1.619m

Harbour Drive, Otumoetai: $1.526m

Sunny Downs Drive, Tauriko: $1.473m

Wellington City

Bayview Terrace, Oriental Bay: $2.480m

McFarlane St, Mt Victoria: $2.263m

Grass St, Oriental Bay: $2.086m

Oriental Parade, Oriental Bay: $1.995m

Market Lane, Wellington Central: $1.954m

Topics: Values / Prices

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