Auckland Council CVs: Remuera boasts almost 1000 houses worth $5m or more

Auckland's Herne Bay might be known as New Zealand's most exclusive suburb, but Remuera is the country's true multi-millionaire hotspot.

Remuera now has almost 962 homes valued at $5 million or more, the latest Auckland Council capital value valuation's released today show.

That is almost 700 more ultra-luxury homes than Herne Bay, the next closest suburb with 280 homes with a CV higher than $5m.

Parnell has the third highest concentration of super expensive homes with 266 above $5m, followed by Takapuna with 252, St Heliers with 226 and Epsom with 222.

Remuera's ultra-flash homes include 11 mega-mansions that have CVs between $20m and $50m, compared with 10 in Herne Bay.

Remuera also has 111 homes valued between $10m and $20m compared to just 32 in Herne Bay.

Bayleys Remuera agent Gary Wallace told OneRoof property website Remuera's popularity was due to its nearby private schools, location close to the city and the suburb's reputation.

Barfoot & Thompson agent Leila McDonald, meanwhile, thought the council CVs may have even underestimated the number of properties worth $10m or more in the suburb.

The new measures of Remuera's stunning wealth are part of the latest Auckland Council CV data released today.

CVs involve Auckland Council estimating the value of every residential and commercial property in the region and are typically released every three years.

They can influence the price a home sells for, or the size of loan that banks lend to a prospective home buyer or renovator and also play a part in determining how much each homeowner must pay in council rates.

Yet while Remuera has more ultra-rich living within its borders than anywhere else in the country, it also has more mixed property types than Herne Bay, including more apartments and smaller homes.

As a result, Remuera has an average house CV that is lower than many other exclusive suburbs at $2.8m.

Herne Bay's average CV is $3.8m.

Overall, an analysis of the new CVs by OneRoof and its data partner Valocity showed the number of Auckland properties with CVs of $10 million or more had jumped 120 per cent since the last valuations were done in 2017.

There is also one Auckland house with a CV higher than $50m.

Auckland's most exclusive suburbs have rocketed in value over the past two years. Photo / 123rf

That belongs to New Zealand's wealthiest person, Graeme Hart, and sits in Riddell Rd, in Glendowie.

Hart bought the cliff top mansion for $2m in 1995, but has since carried out $30m worth of renovations.

Along with highlighting the wealth at the top end of the market, the new CVs also give a picture of the city's lower priced housing.

Auckland Central is the suburb with the most cheaper priced houses.

It has 16,371, mostly apartments, with CVs valued at $750,000 or less.

Papatoetoe in Auckland's south was the next closest suburb with 3575 homes valued at $750,000 or less, followed by Papakura with 2542.

Manurewa has the most homes with CVs valued between $750,000 to $1m with 4154, followed by Papakura with 4002 and Papatoetoe with 3888.

Henderson in the city's west, meanwhile, had the most homes with CVs between $1m and $1.5m at 4946, followed by Flat Bush in the south with 4606.