Suburbs close to Auckland's CBD have been identified as the fasted rising in terms of price increases according to research by the Real Estate Institute of New Zealand.

The central suburb of Grafton topped the list compiled by REINZ, closely followed by Mt Eden.

Data was collected looking at the median price of properties for the six months ending in March this year, with buyers spending it big on the central suburbs.

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Properties in Grafton saw a median increase of 39.8 per cent when compared to the same period last year, from $420,000 to $587,000. A whopping $167,000 increase.

Mt Eden followed behind shortly, recording an increase of 36.7 per cent, from $927,000 to $1,267,000 - a $340,500 increase.

In third and some distance behind, Northcote Pt had an increase of 19.2 per cent, from $1,147,000 to $1,367,500 - a $220,500 increase.

"The top 5 of Auckland's fastest rising suburbs all have a number of factors in common – they are all close to the CBD," REINZ chief executive Bindi Norwell said.

"[They] have good motorway access and public transport links, they have a number of entertainment or dining options available to them and they also have access to green spaces."

Norwell says that proximity to the CBD is becoming increasingly important because people want to spend less time travelling to work.

"What is interesting though is that apartments are proving more popular than ever in these established areas, with people prepared to sacrifice space for the gains made in travel time.

"However, what makes Grafton and Mt Eden clearly stand out from the other 'top 10' fastest rising suburbs in Auckland is the school zones they offer.

"Both Grafton and Mt Eden fall into Auckland's very popular Grammar Zone. With education continuing to be a key purchasing decision, this is adding to the price that people are prepared to pay to live in these areas."