NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Economy

Herne Bay tops $1m-plus house sales

Anne Gibson
By Anne Gibson
Property Editor·NZ Herald·
1 Aug, 2012 05:30 PM3 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

Jervois Rd in Herne Bay is an elegant strip of shops, cafes and restaurants. Photo / Greg Bowker

Jervois Rd in Herne Bay is an elegant strip of shops, cafes and restaurants. Photo / Greg Bowker

Multimillion-dollar Auckland house sales are back at peak 2007 levels, says the city's largest agency, and suburbs not previously in the top league are recording mansion-like prices.

Wendy Alexander, Barfoot & Thompson's chief executive, said 424 houses sold for $1 million-plus from January to June, matching levels last seen five years ago before the global financial crisis.

Mt Eden, Western Springs, Mt Albert, Blockhouse Bay, Hillsborough and Onehunga recorded 155 $1 million-plus sales in the first half of this year, she said.

Ms Alexander said that in 2009 and 2010, the number of homes selling for $1 million-plus increased only modestly, but took off last year when 308 were sold in the first six months of the year.

Now, that number had jumped by 38 per cent, she said.

Advertisement
Advertise with NZME.
Advertisement
Advertise with NZME.

But the mega-mansion market seems somewhat more subdued.

"By contrast, homes selling for in excess of $2 million have not returned to their 2007 peak. In the first six months of this year we sold 51 homes for more than $2 million. While this is up on last year's 36, it is still well under the 99 sold in the first half of 2007," she said.

The $1 million-plus sale trend was assisted by a general rise in prices, the growth of Auckland and a growing preparedness by high-earning people to invest in their lifestyle, Ms Alexander said.

Advertisement
Advertise with NZME.

"Demand for homes in the suburbs around the central business district, the beach-facing suburbs and rural lifestyle properties are all in great demand.

"The land in these areas is irreplaceable and therefore very valuable, and homes are being built or refurbished in keeping with those high values," she said.

Jack Regan, an LJ Hooker agent, distributed flyers in Westmere trumpeting a "street record for a do-up at $1,210,000".

The house at 42 Chester Ave needed extensive work, he indicated, yet it fetched a price not previously seen for that type of home.

Discover more

Investment

Mortgagee sales: Landlords feel pain

08 Jun 05:30 PM
Investment

New home buyers beware

09 Jun 05:30 PM
New Zealand|crime

New Zealand's worst real estate agents

29 Jun 05:30 PM
Economy

Hot market setting new rules

13 Jul 05:30 PM

The Professionals advertised 41 Chester Ave as sold, having been advertised as "asking $925,000" for the character 1920s bungalow with three double bedrooms.

Finance Minister Bill English has expressed concern about the situation.

"The prices you pay for a house are ridiculous and they look that way to 24-year-olds with lots of student debt and the prospect of better pay in Australia. The most unfair aspect of it is that there's no housing being built for people in the lowest quartile of income. Like none. That is clearly unsustainable," he said last month.

Questions are also being asked in civic Auckland circles about why the Government has not responded to the Productivity Commission's hard-hitting housing affordability report which demanded more land supply.

But Auckland Mayor Len Brown said 18,500 greenfields sections were available, with full services and ready for houses to be built. The new Auckland Plan restricts 70 per cent of all new housing within existing boundaries.

TOP SUBURBS

Advertisement
Advertise with NZME.

* No 1: Herne Bay: average sale price $1.35m (No 1. in 2011 first half).
* No 2: Devonport: average $1.16m (No 5 in 2011 first half).
* No 3: Epsom: average $1.06m (No 7 previously).

Source: Barfoot & Thompson sales, first half 2012.

Save

    Share this article

Latest from Economy

Premium
Property

Auckland retiree faces eviction as ground rent jumps 344%

12 Jul 12:01 AM
Premium
Opinion

Fran O'Sullivan: New Zealand must move on from Ardern criticism to get real benefit from Covid inquiry

11 Jul 09:00 PM
Premium
Technology

‘Huge upheaval’: Big Govt department's tech team to be cut

11 Jul 04:00 AM

From early mornings to easy living

sponsored
Advertisement
Advertise with NZME.

Latest from Economy

Premium
Auckland retiree faces eviction as ground rent jumps 344%

Auckland retiree faces eviction as ground rent jumps 344%

12 Jul 12:01 AM

The Dilworth Trust increased the annual leasehold fee from $45,000 to $202,000 per year.

Premium
Fran O'Sullivan: New Zealand must move on from Ardern criticism to get real benefit from Covid inquiry

Fran O'Sullivan: New Zealand must move on from Ardern criticism to get real benefit from Covid inquiry

11 Jul 09:00 PM
Premium
‘Huge upheaval’: Big Govt department's tech team to be cut

‘Huge upheaval’: Big Govt department's tech team to be cut

11 Jul 04:00 AM
Premium
Stock Takes: The power company gaining the most from the big wet

Stock Takes: The power company gaining the most from the big wet

10 Jul 09:00 PM
Solar bat monitors uncover secrets of Auckland’s night sky
sponsored

Solar bat monitors uncover secrets of Auckland’s night sky

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven Car Guide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP