Auckland is fast becoming the city of million-dollar homes with nearly half its suburbs recording a new median rateable value of $1m-plus.

An analysis of the new valuation figures released this week by Auckland Council showed 139 of the city's 287 suburbs have now tipped the million dollar mark.

When new valuations were last released three years ago, there were just 45 million-dollar post codes.

CoreLogic head of research Nick Goodall said the figures were based on the median RV for every residential property in nearly 300 suburbs across the supercity.

Advertisement

Yesterday council revealed valuation figures for each of the city's 548,000 properties.

Three years on from the last valuation round and the average RV has surged by 45 per cent to $1.076m.

Data provided by CoreLogic showed the suburbs with the highest median RV were Herne Bay, Coatesville, Whitford, Saint Marys Bay and Dairy Flat.

The upmarket central suburb of Herne Bay, which is also home to some of the city's most expensive streets, had a median RV across its 1336 properties, excluding flats and apartments, of $2.48m.

Coatesville, where the infamous house once dubbed the Dotcom mansion is found, had a median RV of $2.43m.

Whitford with 620 properties had a median RV of $2.4m, Saint Marys Bay with 693 properties was $2.23m and Dairy Flat across 947 homes was $2.12m.

Those that showed the biggest jump in RV was Surfdale on Waiheke Island - its median RV jumped 71.5 per cent, up $370,000 to $890,000 since the last valuations in 2014.

Kawau Island, which had 276 properties saw the biggest drop, down $15,000 (2.7 per cent) to a median RV of $650,000.

Broken down further to a street level, data analysed by CoreLogic head of research Nick Goodall showed Cremorne St in Herne Bay was the city's most expensive street based on the median RV across its 14 properties.

It had a median value of $6.3m, with all the street's homes recording a new RV of more than $3m.

The cheapest street was Westward Ho in Waitakere which posted a median RV of $103,000 across 139 properties, many of which were cheaper apartments.

The street that saw the biggest percentage jump in RV was Saint Paul St in Auckland City, up $150,000 (375 per cent) to a median RV of $190,000. The one that dropped the most in value was Dock Street in Auckland Central, which dipped $260,000 (44 per cent) to a median RV of $330,000.

As Aucklanders rushed to find out about their individual properties the council site fared better under the pressure than in 2014 when the sudden rush in traffic crashed the website.

Meanwhile the Herald, in partnership with data provider CoreLogic, released its first interactive on its Insights page, giving readers the opportunity to find out their individual RV and how it compares to other properties.

Property experts over the last week have warned homeowners against getting too excited about any significant jumps in RV, which only provided a glimpse of the market at the time the RV was set - July 1, 2017.

Most have said the best way to gauge the actual price potential was to get a registered valuer in to take account of any property upgrades and the actual market at the time.

Goodall said some properties had already been selling well above their new RV.

For example a house at 244 Remuera Rd, in Remuera, which sold earlier this year for $8.8m, well above its new RV of $7.2m.

However he said there were also likely to be some "winners" in the housing market - those who bought well below the new RV.

Goodall said of the 14,795 property sales he analysed this year, with just over half, 7589, had bought for less than their new RV.

He added that paying more than your new RV was not necessarily a problem.

"However, it may be of interest to banks and lenders and will, of course, not make the buyer too happy."

Goodall said 678 properties sold for bang on their new RV.

Property owners were also cautioned that any rise in RV would not directly correspond to an equivalent rates rise.

Goodall said any subsequent change in rates was more to do with how a home's value had changed in proportion to other homes across Auckland.

"Households whose property values have risen at a higher percentage than others in the city could be hit with a higher rates rise in proportion to those whose values have not risen as much."

Any changes in rates were likely to be decided on by Mayor Phil Goff and council officials in the new year, once a budget was decided.