Our latest top 20 property hot spots list is out now, with Mission Bay taking the number one spot, and a diverse range of suburbs making up the rest of the list.
- #1 Mission Bay up 100% to $2.1m median price
- 16 new suburbs in top 20 from all corners and price brackets
- Affordability, lifestyle driving growth outside popular city suburbs
Mission Bay in the top spot
Our latest 'property hot spots' list reveals that Mission Bay is in the number one position, with its median price doubling over the last 18 months to $2,158,000.
Our top 20 list is based on greatest percentage value growth, comparing median sale prices for the six months between February and July 2016, with the same period last year.
In second place is Mangawhai Heads (up 56% to $655,000), while the central suburbs Grey Lynn (up 48% to $1,497,500), One Tree Hill (up 40% to $1,269,000) and Royal Oak (up 36% to $1,140,000) round out the top five.
Diverse list of suburbs
A wide range of suburbs across locations and price brackets made up the remaining 15 spots.
"Most of the suburbs - 16 of 20 - are new to the top 20, with a spread of locations from Rodney to Franklin and median prices from the mid $500,000s to over $2 million," said Peter Thompson, Barfoot & Thompson Managing Director.
"There has also been a rise in the number of outer suburbs placing on the list, such as Mangawhai Heads and Orewa in the north, and Weymouth, Waiuku and Tuakau to the south.
"Buyers have been attracted to these areas by their more affordable pricing and lifestyle aspects, while still being within a commutable distance to Auckland business centres like the North Shore and Manukau."
List helps identify regional trends
Our top 20 lists, which are released every six months, are particularly helpful in identifying price trends across the region, as well as at a suburb by suburb level.
"Alongside other data and salesperson expertise, the lists can help sellers identify where demand is strong, and can help buyers better judge value for money," Mr Thompson said.
Grey Lynn remains popular
The latest list indicates the popular suburb of Grey Lynn is experiencing another round of value growth, having moved from near the bottom of the previous list with single digit growth to the number three spot this time around.
Meanwhile many previously top performing suburbs dropped out of the top 20, pointing to a settling in their value growth for now, although most were still enjoying increases of between 10 - 20% over the period measured.
Suburb spotlight - Mission Bay
Exceptional value growth in the coastal city suburb of Mission Bay is a reflection of demand and an increasing number of high value sales during the recent period.
"Mission Bay's ideal location and mix of city and coastal lifestyles make it a very desirable and highend suburb. We've seen this demand push prices up across the board, and have also been involved in a greater number of high value, multimillion dollar property sales," said Andy MacDonald, Barfoot & Thompson Mission Bay branch manager.
During the February to July period, half of the 20 homes we sold in Mission Bay were over $2 million (versus just five of 26 in the comparative six month period in 2015).
Suburb spotlight - Mangawhai Heads
Mangawhai branch manager Saull Hinton says the Mangawhai Heads area is being discovered by both babyboomers looking for a lifestyle change and young people looking for a foothold in the market.
"There appear to be two distinct groups of buyers - those cashing out of Auckland to escape the traffic and enjoy a greater sense of community, and firsttimers attracted by the affordability and growth potential here."
He said while some young people were settling in the area, many were also choosing to commute to the city or, were using their purchase as a stepping stone investment.
Suburb spotlight - Tuakau
The town of Tuakau on the very fringes of Auckland is benefiting from the city's 'halo effect', as well as surge in development in the area, says local Barfoot & Thompson branch manager Nick Bates.
"Tuakau has long represented value for money and more people are taking notice of what it has to offer.
"It's a more rural location that provides a peaceful, community lifestyle, but also the ability to commute to Manukau or the city."
He said increasing development in Tuakau and in the surrounding centres of Pokeno and Pukekohe were also making the area more desirable.
*Median sale price (the middle price among sales in each suburb) was chosen over average sale price to provide a more balanced and reliable view of value growth. Due to the smaller groups of sales suburb by suburb, averages would have been more vulnerable to the impact of any particularly high or low value sales. The list excludes sections, carparks, rural and rural land sales, sales of $5million and above, and suburbs with less than 20 sales during a six month period, including those with a high volume of section sales versus residential homes.