Head of research at CoreLogic Nick Goodall said there had been 27 sales in Pt Chev this year from January to March, and the median sale price of those was $1.48m.
"Theirs was a little bit under that ... So the property is in the lower to middle value of houses in that bracket in the suburb."
Goodall said Ardern's home did sell 17.9 per cent above its CV of $1.12m, compared to houses' average in the same area selling above their CV, which was 2.9 per cent.
"But the CV may well have been not very accurate due to the way the CVs are set."
Goodall said it was hard to know why the PM's former home sold for a slightly lower value than average for the area, and if it being Ardern's house had any effect on the price.
Ardern paid $987,000 for the property in February 2016.
The new family in the home will be able to claim the PM painted their fence, after she and Gayford applied a coat to it on Election Day.
"It could just be because it's smaller than other homes [in Pt Chev], it could be a whole bunch of things.
"They didn't advertise it either, they didn't open up their market for greater competition from buyers and that could have withheld the price too, so you just never know."
Private sales through a real estate agent in New Zealand were "pretty unusual", Goodall believed.
He said the highest sale price for a property in Pt Chevalier in the past year was $2.36m, and the total of all house sales in the area last year was $188m.
"The median value for houses there has also only grown by 1.4 per cent in the last year, so it's pretty consistent with Auckland-wide values, other than a few pockets."
Ardern and Gayford have since moved to a four-bedroom bungalow in Sandringham, which will accommodate baby necessities including a highchair and bassinet lined up by Gayford's sisters.
Professionals Real Estate salesman Lawrence von Sturmer, part of the company who sold the PM's home, said it wasn't a surprising figure the couple settled on.
"It was just a fair market sale."
He said it didn't sell for under the median for house price in Pt Chev because it was a private sale.
"No way. You're trying to compare a three-bedroom bungalow and full-size in Pt Chev, they're completely different houses."
Von Sturmer said currently buyers could get a one-bedroom unit in Pt Chev for $575,000, or a house for more than $5m, so there was "no way you can work on averages".
Professionals Real Estate originally sold the house to Ardern and Gayford, so they trusted them to "get the job done", he said.
"We kept in touch and advised on ways they could help improve the value and make it more sellable - not that they needed much help because they've got pretty good taste, and did a nice job without too much input."
Von Sturmer added he felt CVs were a "complete waste of time" and said the best question to ask was what other similar homes were selling for in the area.
Ardern and Gayford will return to their Sandringham bungalow haven after meeting the Queen this week.
The 643sq m section features a large deck with a sub-tropical garden, and a tree house set in a pohutukawa tree.
