CoreLogic’s Best of the Best 2024 report reveals Herne Bay maintains its position as the country’s most expensive suburb, with a median value of $3.36 million, while Auckland continues to dominate the luxury market with nine of the top 10 high-value suburbs.
The market’s highest sales price was recorded in Auckland’s Orakei, where 84 Paritai Drive sold for an impressive $21.8 million in March 2024.
Regional markets showed particular strength, with Blaketown in Grey recording the strongest annual median value growth at 16.7%, while Cobden achieved a remarkable five-year gain of 108.8%.
CoreLogic NZ Chief Property Economist Kelvin Davidson said this year had a mixed performance.
“After an initial lift in values early in the year, driven by sentiment following the late-2023 election, property prices quickly resumed their decline as unemployment rose and interest rate cuts were delayed,” Mr Davidson said.
The rental market showed significant regional variations, with Mataura in Southland delivering the highest gross rental yield at 10.8%, followed by Wellington Central at 9.2%.
Market activity varied considerably across regions, with Wallacetown properties selling in just seven days, while Waimate properties took an average of 83 days to sell.
First-home buyers emerged as a significant market force, representing a record 27-28% of purchases, benefiting from improved affordability and access to KiwiSaver withdrawals.
Looking ahead to 2025, Mr Davidson said he was cautiously optimistic about the market’s recovery.
“While 2025 brings some positive sentiment, it’s unlikely to deliver sharp gains, with a steadier path ahead for buyers and sellers alike,” he said.
