What can a million dollars buy in the current housing market?

RNZ

9 Nov, 2022 06:30 AM3 mins to read

Some of the houses around the country for sale at the $1m mark. Photo / Google

The housing market has experienced a sharp turnaround over the past year, with double-digit declines in value in all the main centres.

The latest QV House Price Index shows the average home decreased in value by 3.9 per cent over the three months to the end of October, a smaller decline on the 5.4 per cent quarterly drop reported at the end of September.

The index also showed a drop in average home values of 9.7 per cent in the first 10 months of the year, compared with a 22 per cent gain in the year-earlier period.

So what can $1 million buy around the country in the current market?

Auckland

Across the Auckland region, the average property value now sits at $1,348,213, falling 4.4 per cent this quarter.

House prices in the Super City have dropped by 11.7 per cent in the first 10 months of the year.

A cool $1m can purchase a four-bedroom, two-bathroom home with a 580m² floor plan in the southern suburb of Franklin.

The same property is listed with an RV of $930,000.

Hamilton

Further south, Hamilton has also seen a 10.5 per cent decline in property values in the first 10 months of the year.

Home buyers hunting in the Waikato could look to purchase a new build home in the Hamilton suburb of Chartwell for an asking price of $999,999.

For this kind of money, the home includes three bedrooms, two bathrooms sitting on a 172m² floor plan in a 349m² section.

The property’s asking price is more than double its listed RV of just $420,000.

Wellington

The Capital city has seen a 17.6 per cent decline in property values in the first 10 months of the year - topping the list of main centres.

A real estate agency is asking for enquiries over $1.045 million for a three-bedroom, two-bathroom home on a 598m² section in the suburb of Brooklyn.

The same property is listed with a RV of $1,470,000.

Nelson

In sunny Nelson, CoreLogic reported a 4.1 per cent drop in property values over the last quarter with an average house price of $815,901.

A million dollar property in the city looks like a three-bedroom, one-bathroom 270m² home sitting on a 806m² section in the suburb of Atawhai.

The property has a listed RV of $930,000.

Christchurch

The CoreLogic House Price Index found Christchurch property values had dropped 2.1 per cent in the last quarter, despite an annual increase of 8.1 per cent.

In the current market, a million-dollar investment can purchase a four-bedroom, two-bathroom home in the suburb of Wigram.

The same property is listed with an RV of $690,000.

Queenstown

Queenstown was one of the only exceptions in the nationwide market downturn, with home values increasing 2.9 per cent in the third quarter.

Realtors are asking for a price of $990,000 for a house in Queenstown which boasts two bedrooms and two bathrooms on a property with a floor space of 110m².

This contrasts the property’s RV of $1,190,000.

Gore

In Gore, a million dollars holds significantly more purchasing power than the main centres, with a four-bedroom, two-bathroom home sitting on a 1.4ha section heading to auction for between $950k and $1m.

The property’s RV is listed at $760,000.