City boasts 61 million-dollar suburbs

Two more suburbs have joined Auckland's once exclusive million-dollar club - and eight more are "knocking on the door" of the magic number. Photo / Bruce Clarke

Two more suburbs have joined Auckland's once exclusive million-dollar club - and eight more are "knocking on the door" of the magic number.

Central suburb Royal Oak and Maraetai in the east ticked over the million-dollar mark this month, taking the number of Auckland suburbs with a median value of more than $1 million to 61. At this time last year the number was just 36.

Royal Oak now has a median value of $1,006,100, according to new data from valuation company QV.

The suburb, bordering on the desirable grammar zone areas of Epsom and Mt Eden, has regular public transport, good schools and access to Cornwall Park.

Recent sales in Raurenga Ave, near Cornwall Park, show values of $2.3 million. One new build on a full site sold for $2.9 million - a record in the street.

Real estate agent Paul Hodgman of Barfoot & Thompson Royal Oak said the area had increased in popularity with families wanting to be in zone for Royal Oak Primary School.

"There are a lot of people who want to live in a desirable suburb but don't require a [more expensive] grammar zone address," he said.

The seaside suburb of Maraetai, near Beachlands, reached $1,050,850 this month.

Beachlands itself is close to $1 million - reaching $999,300 this month. Others closing in on $1 million include Hillsborough at $984,000, Sandringham at $983,300, Windsor Park at $981,000, Mt Albert at $979,700, Birkenhead at $954,450, Northcote at $948,650 and West Harbour at $922,900.

Bayleys Real Estate national residential manager Daniel Coulson said better roading and public transport had led to Maraetai's growth.

"Maraetai was traditionally a seaside destination ... but with better roads in place, and the city growing, it has been consumed to becoming another suburban destination but with a very laid-back waterfront vibe," Mr Coulson said.

The Pine Harbour link, which took commuters to the city in 30 minutes, was just a five-minute drive away.

The waterfront suburb of Herne Bay was still the only area to reach the $2 million mark, according to QV data, with St Marys Bay pipped to be the second at $1,977,950.

James Wilson from QV said "constrained supply and ever-strengthening demand" were driving the increase in $1 million suburbs and there were more to come.

He said the $1 million suburbs were characterised by well-presented, free-standing properties bought by owner-occupiers looking for school zones.