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As Auckland is New Zealand’s largest city, investors often want to know: How is the Auckland market behaving?

  • The median sale price of an Auckland property is $1,050,000 (Apr 2024 – REINZ)
  • Auckland property prices rose 1.91% over the last 12 months to Apr 2024 (REINZ).
  • Auckland property prices increased 5.67% per year (on average) in the 20 years between Apr 2004 – Apr 2024 (REINZ).
  • The average rent in Auckland is $655 (Mar 2024 – MBIE)
  • 30% of all properties in New Zealand are in Auckland (Stats NZ)

If you have any questions or thoughts, please leave them in the comments section below.

Auckland house prices

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Auckland's house price is 8.91% below its long term average

Is Auckland over or undervalued?

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Auckland house prices look relatively cheap compared to where we'd expect them to be.

In the above graph, when the purple line is below the baseline (black line), undervalued's house values are undervalued. This suggests there is a buying opportunity in the region.

When Auckland’s house values are above the baseline, other regions have buying opportunities.

How is this calculated? Click on the accordions below to find out.

What is happening in the Auckland property market right now?

How are Auckland house prices changing at the moment?

Auckland peak comparison

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How long does it take to sell a house in Auckland?

Auckland vs Rest of NZ – How Long Does It Take To Sell a House?

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How many properties sell in Auckland?

On average, over the last 30+ years about 26,800 properties are sold per year in Auckland.

Over the last year 21,439 properties sold within the region (Apr 2024).

So right now, there are 20.00% fewer properties selling per year compared to average.

Auckland sales volume

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How fast do Auckland house prices increase compared to the rest of the country?

Overall, Auckland’s house prices have increased at a faster rate than the rest of New Zealand.

This tells us that Auckland house prices have increased 0.7% faster per year than the rest of the country.

Over time that difference compounds. Today, Auckland house prices are 8.5x their 1992 levels. The rest of New Zealand's house prices are currently only 6.9x their 1992 level.

How Much Have Prices Increased? Auckland vs Rest of NZ

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How quickly will Auckland house prices grow in the future?

Our standard assumption at Opes Partners is that Auckland house prices will increase 6% per year over the long term – compared with 5% for the rest of the country.

This is a slower rate than the market has experienced in the past.

Over the last 30+ years (Jan 1992 – Apr 2024) NZ house prices, excluding Auckland, increased 6.2% per year. House prices in Auckland increased 6.9% per year.

So the capital growth rates we use are ‘discounted’ by 0.9% - 1.2% percentage points.

Where do house prices grow the fastest in the Auckland property market

Which Auckland suburbs have the highest yields?

Gross yields vary widely depending on which suburb you chose to investigate.

So, which suburbs in the Auckland property market have the highest gross rental yields?

Navigate the map to find the suburbs where houses produce the most cash for their investors.

Where are the most affordable properties in Auckland?

The map below depicts which districts within the Auckland Region have the most and least affordable house prices (REINZ, April 2024).

The darker the area, the more expensive the median house price for that area.

The Orakei Ward is the most expensive district within the Auckland Region, with properties reaching a median price of $1,740,000 in April 2024.

By comparison, the New Zealand ex-Auckland is the most affordable, with a median house price of just $700,000. That's a $1,040,000 difference compared to Orakei Ward.

Where are house prices most over and undervalued within the Auckland region?

Which part of Auckland gets the highest population growth?

The map below illustrates the projected population growth for each district within the Auckland Region over the next 25 years (2023 - 2048).

The darker the district, the more the population is predicted to expand in that area.

Over this period, Rodney local board area is expected to see the most growth of all the council areas within the region. 71.06% in total.

By contrast, Waitakere Ranges local board area is expected to grow by 2.72% over the same timeframe.

How are Auckland's house prices changing right now?

Auckland's capital growth rate

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The above graph shows how quickly house prices have increased or decreased over the previous 12 months. This is also known as ‘capital growth’.

So does this show how the property market is going right now?

Yes and no.

It shows how expensive properties are today compared to 12 months ago.

While this will give us a good sense of how property values have changed, it’s not the only thing to consider.

You might also look at how quickly property values are going up (or down) from month to month, the number of property sales and how quickly properties are selling.

What is the median rent in Auckland?

Auckland's median rent

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The above graph shows the median rent within a given month.

The data comes from the Ministry of Business Innovation and Employment (MBIE) and is provided through their Tenancy Services website.

Their data is based on all the rental bonds lodged by private landlords within the month.

What is the annual increase in rents in Auckland?

Auckland's annual increase in rents

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This graph shows the annual growth in median rents.

The data also comes from the Ministry of Business Innovation and Employment (MBIE).

How many listings are currently available in Auckland?

Auckland's current listings (Housing stock)

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This graph shows current property listings, with data sourced from realestate.co.nz.

It shows the number of listings that are currently available on the website per month.

You might be wondering: “How do the number of listings impact house prices?”

If many listings are available, then people will think there is lots of supply. This means that people feel like they can take their time choosing a property.

This leads to less competition and softer house prices.

On the other hand, if there aren’t many listings available, people will feel like there is a shortage of houses. This leads to FOMO (fear of missing out).

This makes people more competitive and more likely to bid up house prices.

How many properties are sold per year in Auckland?

Auckland – Number of properties sold per year

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The above graph shows the total number of properties sold over the prior 12 months. For example, if looking at the data for August 2023, the graph will show all the sales between September 2022 – August 2023.

The data comes from the REINZ Market Insights Report and The Real Estate Institute of New Zealand (REINZ) collects data directly from agents.

You might be wondering: “How does the volume of sales impact house prices?”

They don’t impact house prices on their own. But a high number of sales represents a hot property market.

That’s because there are a lot of people out there buying property.

That’s why when sales volumes are high, property prices typically increase at the same time.

When property sales are falling, typically, property prices are also soft.

Auckland City suburb prices

Auckland City

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Auckland City is made up of 46 suburbs. The most expensive suburb is Herne Bay, which has an average house value of $3,311,400. While the most affordable suburb is Auckland Central, which has an average house value of $543,100.

Over the last 24 months of all the Auckland City suburbs (Mar 2022 - Mar 2024), Grafton had the fastest-growing house prices at -3.11% per year.

The suburb that grew the slowest over that period was Point England, which grew at a rate of -11.70% per year.

North Shore suburb prices

North shore

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North Shore is made up of 40 suburbs. The most expensive suburb is Campbells Bay, which has an average house value of $2,156,400. While the most affordable suburb is Birkdale, which has an average house value of $993,000.

Over the last 24 months of all the North Shore suburbs (Mar 2022 - Mar 2024), Pinehill had the fastest-growing house prices at -2.32% per year.

The suburb that grew the slowest over that period was Hillcrest, which grew at a rate of -8.31% per year.

Manukau suburb prices

Manukau

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Manukau is made up of 39 suburbs. The most expensive suburb is Eastern Beach, which has an average house value of $1,899,850. While the most affordable suburb is Manukau, which has an average house value of $591,300.

Over the last 24 months of all Manukau suburbs (Mar 2022 - Mar 2024), Dannemora had the fastest-growing house prices at -3.45% per year.

The suburb that grew the slowest over that period was Otara, which grew at a rate of -10.49% per year.

Waitakere suburb prices

Waitakere

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Waitakere is made up of 25 suburbs. The most expensive suburb is Herald Island, which has an average house value of $1,479,250. While the most affordable suburb is Huia, which has an average house value of $831,150.

Over the last 24 months of all the Waitakere suburbs (Mar 2022 - Mar 2024), Hobsonville had the fastest-growing house prices at -7.05% per year.

The suburb that grew the slowest over that period was Laingholm, which grew at a rate of -11.84% per year.

Papakura-Franklin suburb prices

Papakura-Franklin

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Papakura-Franklin is made up of 22 suburbs. The most expensive suburb is Shamrock Park, which has an average house value of $2,098,750. While the most affordable suburb is Drury, which has an average house value of $789,100.

Over the last 24 months of all Papakura-Franklin suburbs (Mar 2022 - Mar 2024), Glenbrook had the fastest-growing house prices at -4.01% per year.

The suburb that grew the slowest over that period was Pahurehure, which grew at a rate of -7.54% per year.

Rodney suburb prices

Rodney

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Rodney is made up of 39 suburbs. The most expensive suburb is Onetangi, which has an average house value of $1,879,050. While the most affordable suburb is Wellsford, which has an average house value of $672,150.

Over the last 24 months of all Rodney suburbs (Mar 2022 - Mar 2024), Muriwai had the fastest-growing house prices at -4.16% per year.

The suburb that grew the slowest over that period was Palm Beach, which grew at a rate of -8.92% per year.

Other property markets to pay attention to

If you're considering investing in property, other property markets you might also want to look into are the Wellington property market, Christchurch property market, Hamilton property market and the wider NZ property market.

Write your questions or thoughts in the comments section below.

Opes Partners
Ed solo

Ed McKnight

Our Resident Economist, with a GradDipEcon and over five years at Opes Partners, is a trusted contributor to NZ Property Investor, Informed Investor, Stuff, Business Desk, and OneRoof.

Ed, our Resident Economist, is equipped with a GradDipEcon, a GradCertStratMgmt, BMus, and over five years of experience as Opes Partners' economist. His expertise in economics has led him to contribute articles to reputable publications like NZ Property Investor, Informed Investor, OneRoof, Stuff, and Business Desk. You might have also seen him share his insights on television programs such as The Project and Breakfast.

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