Auckland House Prices [2024] | Auckland Property Market (2024)

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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 $950,000 (Jul 2024 – REINZ)
• Auckland property prices fell 2.39% over the last 12 months to Jul 2024 (REINZ).
• Auckland property prices increased 5.40% per year (on average) in the 20 years between Jul 2004 – Jul 2024 (REINZ).
• The average rent in Auckland is $660 (Jun 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.

As at July 2024, the median house price in Auckland is $950,000. This is up from $617,000 10 years earlier. That means that the median Auckland property increased in value by 4.41% each year, or $33,300 on average.

The most expensive suburb in Auckland is Herne Bay, which has a median house price of $3,410,700 and is located in the Auckland City district. That means that Herne Bay's median house price is 359% of Auckland’s median.

The least expensive suburb in Auckland is Auckland Central, which has a median house price of $539,900 and is located in the Auckland City district. That means that Auckland Central's median house price is 57% of Auckland’s median.

Over the last 24 months (Jun 2022 - Jun 2024), Muriwai had the fastest-growing house prices in all of Auckland, at 1% per year.

The suburb that grew the slowest over that period was Oratia, which grew at a rate of -10% per year.

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?

There’s no missing it – house prices have fallen around the country and Auckland is no exception.

Currently, Auckland house prices have fallen 23.50% from the peak of the market in Nov 2021 through to Jul 2024.

How are Auckland house prices changing at the moment?

Auckland house prices soared after the Covid-19 pandemic began. House prices started out 30% below the eventual peak of the market.

However, since that peak in November 2021, house prices have been falling steadily.

Today, Auckland house prices are down 23.50% compared to their peak.

Are properties selling above or below CV?

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

In Jul 2024 it took about 7 weeks to sell a property (48 days). That compares to 49 days for the rest of New Zealand (excluding Auckland).

So it takes about the same time to sell a property in Auckland compared to the rest of the country.

Over the last 30+ years it has taken 37 days to sell a property in Auckland (on average). So it currently takes longer to sell a property in the region compared to normal.

How many properties sell in Auckland?

On average, over the last 30+ years about 26,700 properties are sold per year in Auckland.

Over the last year 21,199 properties sold within the region (Jul 2024).

So right now, there are 20.60% fewer properties selling per year compared to average.

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 0.6% faster per year than the rest of the country.

Over time that difference compounds. Today, Auckland house prices are 8.3x their 1992 levels. The rest of New Zealand's house prices are currently only 6.8x their 1992 level.

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 – Jul 2024) NZ house prices, excluding Auckland, increased 6.1% per year. House prices in Auckland increased 6.7% per year.

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

This map lets you find out for yourself.

Each area represents a different suburb, and the colour of the area represents how quickly house prices have increased over the past 20+ years.

The redder the area ... the quicker house prices have grown in that suburb.

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, July 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 $1,668,000 in July 2024.

By comparison, the New Zealand ex-Auckland is the most affordable, with a median house price of just $700,000. That's a $968,000 difference compared to Orakei Ward.

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

This map shows a breakdown of how over or under-valued each ward is right now in the Auckland property market. These figures are calculated exactly the same way as the HPI based graph in the above section.

Rodney Ward appears to be the most overvalued area in Auckland. House prices there are about 10.87% above where we would usually expect them to be over the long term.

Orakei Ward, on the other hand, appears to be the most undervalued area in Auckland. House prices in this district appear to be 4.41% below where we would expect them to be.

This means that we've got greater confidence that Orakei Ward house prices will increase faster over the next 5-10 years compared to Rodney Ward.

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?

What is the median rent in Auckland?

What is the annual increase in rents in Auckland?

How many listings are currently available in Auckland?

How many properties are sold per year in Auckland?

Auckland City suburb prices

Auckland City is made up of 46 suburbs. The most expensive suburb is Herne Bay, which has an average house value of $3,410,700. While the most affordable suburb is Auckland Central, which has an average house value of $539,900.

Over the last 24 months of all the Auckland City suburbs (Jun 2022 - Jun 2024), Grafton had the fastest-growing house prices at -1.02% per year.

The suburb that grew the slowest over that period was Point England, which grew at a rate of -11.44% per year.

North Shore suburb prices

North Shore is made up of 40 suburbs. The most expensive suburb is Stanley Point, which has an average house value of $2,393,450. While the most affordable suburb is Birkdale, which has an average house value of $974,250.

Over the last 24 months of all the North Shore suburbs (Jun 2022 - Jun 2024), Schnapper Rock had the fastest-growing house prices at -1.28% per year.

The suburb that grew the slowest over that period was Takapuna, which grew at a rate of -8.60% per year.

Manukau suburb prices

Manukau is made up of 39 suburbs. The most expensive suburb is Eastern Beach, which has an average house value of $1,837,200. While the most affordable suburb is Manukau, which has an average house value of $588,700.

Over the last 24 months of all Manukau suburbs (Jun 2022 - Jun 2024), Northpark had the fastest-growing house prices at -2.17% per year.

The suburb that grew the slowest over that period was Wiri, which grew at a rate of -8.26% per year.

Waitakere suburb prices

Waitakere is made up of 25 suburbs. The most expensive suburb is West Harbour, which has an average house value of $1,274,050. While the most affordable suburb is Glen Eden, which has an average house value of $857,400.

Over the last 24 months of all the Waitakere suburbs (Jun 2022 - Jun 2024), West Harbour had the fastest-growing house prices at -5.72% per year.

The suburb that grew the slowest over that period was Oratia, which grew at a rate of -10.33% per year.

Papakura-Franklin suburb prices

Papakura-Franklin is made up of 22 suburbs. The most expensive suburb is Shamrock Park, which has an average house value of $2,087,600. While the most affordable suburb is Orere Point, which has an average house value of $611,300.

Over the last 24 months of all Papakura-Franklin suburbs (Jun 2022 - Jun 2024), Glenbrook had the fastest-growing house prices at -4.07% per year.

The suburb that grew the slowest over that period was Pahurehure, which grew at a rate of -9.51% per year.

Rodney suburb prices

Rodney is made up of 39 suburbs. The most expensive suburb is Sandspit, which has an average house value of $1,942,500. While the most affordable suburb is Wellsford, which has an average house value of $674,350.

Over the last 24 months of all Rodney suburbs (Jun 2022 - Jun 2024), Muriwai had the fastest-growing house prices at 0.64% per year.

The suburb that grew the slowest over that period was Wellsford, which grew at a rate of -8.29% per year.