KEY POINTS:
A million-dollar home was once the ultimate symbol of a highly successful life. But times have changed - and the days of landing a massive mansion for a seven-figure sum are long gone.
Twenty years ago the magic million would have secured a grand estate in the heart
of the sought-after northern slopes in Auckland's Remuera.
Now buyers attracted to the suburb are finding the same amount will buy only a basic bungalow or townhouse.
Olly Newland has been a property consultant and investor for 47 years but said "a million doesn't tinkle the teacups" in today's Auckland market.
"A million dollars would buy you a very nice house without any super luxuries - above average without being super duper."
Newland said the market had gone through big changes, even in the past decade.
"Ten years ago it [$1m] would have bought you a major home in the best suburbs, with a pool, the whole lot.
"It probably would have got you five bedrooms at least, and several bathrooms."
And in the 1980s the same sum "would have bought you a huge home, a mansion".
David Rainbow, of Bayleys Real Estate, has been selling houses in Remuera for 24 years and thinks you can still buy well on a million dollars. "A million dollars is a lot of money, let's not lose sight of that fact.
"You would get a nice house for a million dollars, obviously depending where you are.
"You probably would not get a view for a million in Remuera."
Twenty years ago, Rainbow sold 37 Claude Rd in One Tree Hill for $1.35 million.
The three-storey character home was on the market for the first time and came with tennis court, three bedrooms and a double garage set in just over 0.4ha of grounds.
Ten years later he sold 87 Melanesia Rd in Kohimarama for $1.1m.
The modern home included three bedrooms and a rumpus room. "A million dollars bought you a lot."
Five years ago Rainbow sold 63 Mt St John Ave in Epsom for $1.2m. The money didn't go quite as far, although it still bought a "very picturesque" villa with a pool and double garage.
Prices have risen dramatically across Auckland in 30 years. A villa at 10 Wood St, Freemans Bay, sold for $280,500 in 1990, before leaping to $705,000 in 1998 and almost $1.8m in 2006.
Michael Boulgaris has also noticed big changes in the 21 years he's been selling million-dollar homes in Auckland.
"Back then it was what $5m would buy you today, so it's swimming pool, tennis court, lovely views. For a million today you're looking at a very standard three-bedroom bungalow," he said.
Carl Madsen of Barfoot & Thompson said that $1 million was now the "entrance level" for a house in Auckland's Herne Bay.
"In the very early 90s, $350,000 was a hell of a lot of money for a property. It would get you a premium property, and $400,000, you were rocking along."
Over the harbour bridge, Ted Hill has been selling in Devonport since 1981. He first hit the million-dollar mark in 1987 when he sold 36 Cheltenham Rd for $1.5m. "That was a huge price and that price stood as a record for many years."
In 1981 he sold 3 Ascot Ave in Devonport for $78,500. He estimates you'd now need $830,000 to get any house on the street.
Most Auckland agents agree you have to head out of the city to make your million go further. Damien Henaghan of Bayleys is listing a modern four-bedroom house with a garden water feature on 1300sq m in Campbells Bay. The property is set to be listed early next week for almost $1.3m.
Boulgaris said the same pattern had been seen in high-growth areas outside Auckland, such as Tauranga.
"It's getting very expensive."
Alistair Gillespie, president of Capital Property Investors in Wellington, said inflation, wages and affordability had to be considered when asking the million-dollar question.
He said $1m today would probably be the equivalent of $30m three decades ago. But he said it would still go a long way in the capital.
"A million would still get you a very tidy apartment in Wellington."
Prices in many places outside Auckland took longer to reach seven figures.
Hamilton agent Bobbie Jarvis said there hadn't been a million-dollar sale in the city until in the past five years and that amount would still go a long way.
"Generally a million would get you something pretty smart. It doesn't necessarily mean brand new but it would be with a river or lake view."
Jarvis has been selling Hamilton property for 26 years and remembers her first sale was $35,000.
Six years ago she sold 117 Harrowfield Drive in Queenwood for $1.5m. The four-bedroom home had an indoor heated swimming pool, tennis court and orchard.
In 1989 it sold for just $150,000.
"A $100,000 sale back in 1983 was big time. Property has come a long way."