With each step you take down Paritai Drive, you're passing $320,000 in real estate.

A one-kilometre stretch along one of the most prestigious streets in the country, Paritai Drive in the east Auckland suburb of Orakei, is worth a whopping $320.5 million, according to the latest valuations.

But only if you're a multi-millionaire.

Auckland Council has released its new valuations on Monday which give the capital value (CV) of more than 500,000 Auckland properties.

The stretch of road between 40 and 122 Paritai Drive has an average CV of $8.4m, with many houses valued at between $10-15m. Overall, the average CV along the whole length of Paritai Drive was $3.98m.

The coveted address also boasts Auckland's most expensive home, a seven-bedroom clifftop mansion developed by former Hanover Finance director Mark Hotchin.

It was sold to China-born businessman Deyi Shi for $39m in 2013, and was now valued at $46m.

The property, now belonging to the founder and chairman of the Oravida Group and new owner of Ardmore Airport, trumped even the mansion owned by New Zealand's richest man, Graeme Hart.

Hart, the packaging magnate who is ranked first on NBR's Rich List with a net worth of $7.5 billion, owns Auckland's second most expensive house, situated on Riddell Rd in Glendowie and worth $40m.

Jeremy O'Hanlon, spokesman for property website Homes.co.nz said Paritai Drive had grown in percentage terms on par with the top 25 per cent of homes in Auckland.

Put in dollar terms you're talking $800,000 in capital gains over three years," he said.

Although this stretch of Paritai Dr was home to some of Auckland's most eye-wateringly expensive abodes, the city's most expensive street based on median CV is Cremorne St in Herne Bay.

The street has a median CV across its 14 properties of $6.3m, according to Nick Goodall, head of research for CoreLogic.

Overall, Auckland's most expensive streets can be found in the leafy suburbs of Herne Bay, Remuera, Epsom and Parnell, where all houses come in over $1m.