While some peole might think house prices in Tauranga have rocketed out their reach, there are still plenty of affordable homes there. Photo / Getty Images
New Zealand's median house price has hit $530,000, according to the Real Estate Institute's latest figures. So Herald Homes went looking for what that median price will buy for your money. Options range from tiny apartments to lifestyle blocks.
In Northland, for example, the national median house price can buy a four-bedroom, two-bathroom, home at 4 Islington Street, Dargaville. It has been refurbished in villa style and has a large new country-style kitchen, says PGG Wrightson agent Viv Smith.
In Auckland, where the median house price is $858,000, the national average house price can still buy a renovated two-bedroom detached home at 25a Matai Rd, Stanmore Bay. The home marketed by Harcourts agents Jo Burnard and Matt Gilmour even has a new smart kitchen.
For the same money buyers can even get a home in popular Parnell. The "Inner Berliner", for sale through Ray White, is described by agent Jeanne Clayton as "an uber modern lifestyle apartment".
The property at 500e Parnell Road is a 41sq m, one-bedroom one-bathroom unit with small shared garden. It's also across the road from one of the main entrances to the Auckland Domain.
Ray White also has a number of homes available in South Auckland around that price.
That includes three-bedroom, one-bathroom properties at both 18 Cargill Street, Papakura, and 31c Victoria Street, Pukekohe. The Pukekohe property is 1.4km from the train station. Trains to central Auckland take around 1hr 13minutes and cost $7.50 each way using a HOP card.
Tauranga might be hitting the headlines for house price growth. But the national median house price can buy a home with a beautiful kitchen at 5- Capstan Close.
The modern easy-care property is listed on NZME's OneRoof.co.nz and has two bedrooms and a floor area of 117sq m on 231sq m of land. It's a five minute walk from the Lake Taurikura Drainage Reserve, a 10-hectare freshwater lake in the new suburb of "The Lakes".
Although lenders have leeway to lend up to 90 per cent in some cases under the Reserve bank of New Zealand's loan to value (LVR) ratio rules, most of their lending will be at 80 per cent of the property's value.
The national median house price can even buy a lifestyle block. Mark Lourie, of Property Brokers, for example, is offering a 4.8ha lifestyle property with modern home and peaceful views at 1204H State Highway 3 Kai Iwi, Whanganui. The land has a mixture of grazing, pine trees and native bush and the home has an in-ground swimming pool.
Further south, at Waitarere Beach, Margaret Benton, of The Professionals, is selling a four-bedroom home on a 7748sq m property with access to a shared lake.
"There is the opportunity to create an orchard or fence a paddock off," says Benton.
In Wellington's trendy Island Bay an "adorable" home at 146 Severn Street is on the market with Amy Allen and Anji Foster of Lowe & Co Realty.
Heading south, Blenheim Harcourts agent Ben McLennan has a four-bedroom, barn-like property at 57 McLauchlan Street, Blenheim Central, on the market for $520,000. The one-bathroom, 180sq m house "feels like a barn and character home all rolled into a loft type apartment", says McLennan.
In Rangiora there's a four-bedroom, two-bathroom, two-living, and three-car garaging home with 600sq m of land. The property at 6 Pukeko Place is marketed through Waimak Real Estate.
In Balclutha the national median house prices buys a fully-fledged McMansion at 1 Christie Street, through Ray White's Stuart McElrea.
The home has four bedrooms, two bathrooms and 937sq m of land. And in Balcairn there is a newly renovated historic coach house with 5859sq m of land through Malcom Garvan at Farmlands Real Estate.
Financing the median home is affordable for those used to such prices in areas such as Auckland, Tauranga or Queenstown. In Kaitaia, Marton, Reefton, or many other small towns the thought of spending $520,000 on a home may give buyers more than indigestion.
Mortgage broker Geoff Bawden, of Bawden Consulting, says there is no answer as to what a mortgage on such property will cost.
It depends to a certain degree on how many years it's financed over, and the mortgage rate, which might be fixed in several portions.
Although lenders have leeway to lend up to 90 per cent in some cases under the Reserve bank of New Zealand's loan to value (LVR) ratio rules, most of their lending will be at 80 per cent of the property's value.
"Repayments will be determined by both interest rate and loan term," says Bawden. At 80 per cent lending a $104,000 deposit would be required. Over 30 years, with a five percent interest rate, weekly payments would be $515, says Bawden.