Price of an Auckland apartment hits half-million

Auckland's apartments are still feeling the heat of the property market, with values hitting half a million dollars. Photo/Doug Sherring

Auckland's apartments are still feeling the heat of the property market, with values hitting half a million dollars.

Homes.co.nz weekly insights showed the median value of a SuperCity apartment was continuing to grow and was at $500,000 for the Auckland region; more than half the $997,000 median value of an average stand-alone home.

This figure was up by $40,000 (8.7 per cent) from $460,000 at the same time last year.

These figures followed the release of the latest QV data which showed the overall prices around the region dropped 0.2 per cent in the three months to the end of March.

Today, Homes.co.nz data, which was calculated using the property information site's valuation of more than 33,000 apartments, showed despite the slight easing in property prices, apartment values were continuing to rise.

The most expensive area to buy an apartment was in Newmarket with a median value of $708,000.

The most affordable area was the city suburb of Grafton, with a median estimated value of $353,000 in April.

Spokesman Jeremy O'Hanlon said on average what $500,000 could buy you in Auckland was an apartment with a 63sqm space.

"That can be a tough lifestyle for young families, so we've explored what you could achieve outside of Auckland."

He said for the same price, aspiring property owners could buy a home almost double the size on a large plot of land, in Hamilton, Wellington, Tauranga and Dunedin.

For a similar price, O'Hanlon said an 110sqm home on 670sqm land could be bought south of the SuperCity - in Hamilton.

In the capital there was potential for an 110sqm home on 530sqm land, or further south in Dunedin a 190sqm home on 700sqm land.

O'Hanlon said this showed it could be worthwhile doing a bit of research before making a choice to buy small, considering the differences in what money could buy around the country.

He said Kiwis didn't have to give up the traditional dream of having a nice backyard for the kids to play in but they might have to forgo living in the city to achieve it.

"The dream is much more achievable for families in other areas," O'Hanlon said.

However, while Homes.co.nz estimated the median value had tipped the half-million mark there were still a number in the city listed for less.

Trademe.co.nz has around 500 apartments listed on sale for up to $500,000 around the city.

Last October, Homes.co.nz data showed the median sale price of an Auckland apartment in October 2016 was $469,000, based on 78 sales.

In comparison, 280 homes sold in the city, for around $864,000.

REINZ latest figures showed, 36.4 per cent of sales (2247), nationwide went for less than $400,000 in February, compared to 41.5 per cent (3026) the year before.

Sales of $400,000 to $599,999 made up 26.1 per cent of all sales (1632) in February.