A city centre apartment with resort facilities or suburban house with plenty of space.
That's the choice facing homebuyers as the market shows continued signs of growth.
According to New Zealand's largest valuation and property information company, Quotable Value, values in the Auckland area rose 5.1 per cent last year.
Many other centres also had increases, albeit smaller.
The average sale price in Auckland last month was $535,197. The average across New Zealand's other urban areas was $444,797. Both figures were well up on last month.
With the market's traditional February peak around the corner, experts predict central locations will continue to be most popular, despite a mid-recession trend towards cheaper homes on the edge of the urban sprawl.
QV research director Jonno Ingerson said most homebuyers love to be close to the city and its amenities, have short commutes , and be on the doorstep of great schools, particularly in Auckland.
And most of us are willing to pay dearly for it - despite smaller land and house sizes.
The Herald on Sunday decided to see what you could buy for the average prices in Auckland and around the rest of the North Island.
In the City of Sails, $535,000 would buy a "premium" penthouse apartment with garage and resort facilities like a swimming pool, said Ray White agent Dominic Worthington.
Kellands agents Tricia Lafferty said it would also net an apartment in trendy city fringe suburbs like Herne Bay, St Mary's Bay and Westmere. John Bolton, from Squirrel Financial Solutions and Mortgage Brokers, said some of the best value could be had on the North Shore, in suburbs like Hillcrest, Glenfield, Beach Haven or Birkdale.
Other agents pointed to more affordable properties in South and West Auckland, which offered great amenities but a longer city commute.
The choice is the same outside Auckland. John O'Donnell, principal of LJ Hooker offices in Mt Maunganui and Papamoa said the suburbs epitomised the dilemma.
Mt Maunganui was highly sought after for its beach, shops and central location, but $444,000 would most likely land a 35-year-old wooden home.
In Papamoa, 10 minutes down the road, this money could buy a large, nearly-new home with all mod-cons.
