New QV prices: Auckland has four $2 million-plus suburbs

An estimated median value at Stanley Point is $2.027m. Photo / Brett Phibbs

Auckland's property market has a golden quartet once again as prices at the top end rise just enough to push Stanley Point back over the $2 million mark.

It joins Herne Bay ($2.62m), Saint Marys Bay ($2.26m) and Remuera in the multi-million dollar suburb club as the most valuable suburbs in the city - and nationwide.

The North Shore suburb had slipped below the exclusive threshold last year, but has managed to climb back up in time for the first QV Property Report of the year, out tomorrow, with an estimated median value of $2.027m.

The SuperCity first saw four $2m+ suburbs in March last year, doubling the size of the exclusive club from two within just three months as prices continued to soar.

A more settled market in the latter half of the year saw the North Shore suburb of Stanley Point dip out in June and it has only just managed to recoup its lofty title in the three months to the end of December, with a growth of $39,738 (2 per cent).

The quarterly QV Property Report is compiled using CoreLogic data that estimates the value based on recent sales of comparable properties in the immediate area along with a number of other statistical factors.

CoreLogic NZ head of research Nick Goodall said the report figures, which look at towns and cities in the North Island, reflected a slight boost in activity in the property market.

"There was a slight lift in growth rate towards the end of the year as post-election jitters calmed and buyers returned to the market taking advantage of still low interest rates."

Boulgaris Realty's Michael Boulgaris sells properties at the top end of Auckland's housing market.

He said New Zealand becoming known as an international destination was a key factor in properties in the multi-million dollar range selling well.

"People are finally accepting New Zealand as a luxury destination, never before have there been so many $10m homes...with people looking for property [in this range]."

While the QV estimated median of Auckland's most valuable suburbs were only around the $2m+ mark, Boulgaris said many properties had capital valuations of $20m+ in the more exclusive corners of the city.

He says key factors driving prices up in these areas were accessibility to the city, "mean views" and the much sought-after school zones.

CoreLogic's Nick Goodall said, in terms of biggest growth in value, the top performing areas for the year were on Waiheke Island, in Central Auckland and in the Orakei Ward.

On Waiheke the popular Onetangi Bay had its estimated median value rise significantly, up $199,101 (16.6 per cent) to $1.41m, followed by Oneroa up $182,399 (14.9 per cent) in the year to the end of December.

Surfdale had also witnessed significant growth, up $99,099 (11.6 per cent) to 953,400 followed by Ostend up $62,562 ( 7.1 per cent) to $956,300.

Despite the significant growth in these areas Goodall said over the last year the once red-hot market had somewhat cooled.

"Longer term the limit on credit from the banks has had an influence on the number of people able to borrow the sums required to buy a property leading to a continuing drop in sales volumes."

However Goodall said this had not done much to change the view of "widespread unaffordability in Auckland where 106 suburbs are still valued at over one million dollars".

Meanwhile outside of the apartment-rich suburbs of Auckland Central and Grafton, there were only four suburbs with an estimated median value of less than $600,000 - Wellsford, Manukau, Otara and Clendon Park.