Where are New Zealand’s ten most expensive streets? These surprising picks are concentrated in just two areas

Property research firm CoreLogic recently revealed New Zealand’s ten most expensive streets. Surprisingly, all ten were in Auckland and the Queenstown Lakes district. The rankings were based on median house and lifestyle property values nationwide over the year to mid-January 2023. The analysis was not based on rating valuations. CoreLogic head of research Nick Goodall said the study covered only streets with more than 10 residential properties. He noted that shorter streets could easily rank highly because they had fewer properties and less variation in values. Longer streets contained more properties of different types and values, with some very low-valued properties pulling down the street’s median.

For example, a mansion on Paritai Drive in Orakei once set New Zealand’s highest-ever property sale record. The hilltop mansion developed by former Hanover Finance director Mark Hotchin sold to Chinese businessman Deyi Shi in 2013 for NZ$39,000,000. However, with 154 properties on the street, its median property value was only NZ$3,500,000.

New Zealand’s most expensive mansion, on Paritai Drive in Orakei

No.1 Every street in CoreLogic’s ten most expensive had a median property value above NZ$5,260,000, with Cremorne St in Auckland’s Herne Bay taking the top spot.

The 15 properties on this small seaside street had a median value of NZ$6,580,000. It has been among Auckland’s most expensive streets for around 20 years.

New Zealand’s most expensive street is Cremorne St in Auckland’s Herne Bay

According to Homes.co.nz, every house on Cremorne St currently has an estimated value above NZ$4,600,000. The most valuable are numbers 12 and 15, at NZ$35,500,000 and NZ$32,100,000 respectively.

Back in 2018, wealthy couple Paula and Simon Herbert bought number 15 for NZ$27,500,000, the highest property sale price that year.

The Herne Bay property at 15 Cremorne St, bought by wealthy couple Paula and Simon Herbert in 2018 for NZ$27,500,000

Bayleys Ponsonby real estate agent Blair Haddow said the street had an outstanding location and all the features most sought after in luxury homes. Most houses faced north and were close to the water, with a beach at the end of the street. It also had numerous grand heritage homes, some with breathtaking sea views.

Haddow stressed that the street’s central location was a key strength. Its proximity to Ponsonby, Westhaven, the CBD and motorways made surrounding areas easily accessible. Crucially, properties of this scale were exceptionally rare in such a premium location. Homes on the street were always tightly held: demand was strong, but owners seldom chose to sell.

No.2 New Zealand’s second most expensive street was Slope Hill Rd in Queenstown’s Speargrass Flat, where 35 properties had a median value of NZ$6,480,000.

Slope Hill Rd in Queenstown’s Speargrass Flat

Ray White Queenstown principal Bas Smith described Slope Hill Rd as a picturesque country road with large lifestyle properties of two to three hectares, very close to Lake Hayes. Sales on the road had been strong in recent years because properties around Lake Hayes and Arrowtown were highly sought after, with strong demand and little available for sale. He said Queenstown’s property market was distinctive, with many large luxury homes, most of which had their own private access roads without street names.

No.3 Lake views from Waimana Place in the Queenstown Lakes district

Mount Gold Place in Wanaka, in the Queenstown Lakes district, was New Zealand’s third most expensive street. Its 15 properties had a median value of NZ$6,220,000. Fourth and fifth were Nick Johnstone Drive on Auckland’s Waiheke Island and Ridgecrest in Wanaka. They had 13 and 23 properties respectively, with median values of NZ$6,120,000 and NZ$5,820,000. Three other Auckland streets made the top ten: Delamore Drive in Oneroa on Waiheke Island, and Paraone Place and Castile Drive in Omaha. Their median property values were NZ$5,630,000, NZ$5,430,000 and NZ$5,260,000 respectively. The remaining two streets were also in the Queenstown Lakes district: Waimana Place in Wanaka and Hogans Gully Road in Arrowtown, with median values of NZ$5,530,000 and NZ$5,450,000 respectively.

Why are New Zealand’s most expensive streets all in Auckland and the Queenstown Lakes district?

Nick Goodall was unsurprised by the results because these two areas had the country’s highest average property values. CoreLogic’s latest house price index report put Auckland’s property value at NZ$1,350,000 in December, and Queenstown’s average at NZ$1,670,000. The locations of the ten most expensive streets show how much buyers value scenery and proximity to the water when choosing luxury homes. People also tend to build larger homes on these scenic sites to make the most of their prime locations. He said streets close to city centres were already scarce, particularly as urban development made properties in such exceptional locations increasingly rare. If a street combined all these features, as Cremorne St did, a high median property value was almost inevitable.

Looking again at Queenstown, the three Wanaka streets appear to support this view. Harcourt Wanaka owner Grant Parker said Wanaka’s most expensive streets offered easy access, spectacular lake views and proximity to the town centre. Mount Gold Place, for example, although furthest from central Queenstown, was still only a few minutes’ drive away and offered stunning views of the lake and mountains. He described Waimana Place and Ridgecrest as well-known local streets with many large, acre-sized sections (0.4 hectares), providing room for luxury homes with swimming pools and tennis courts.

A five-bedroom luxury home in Queenstown sold for NZ$8,150,000 in January last year. The modern five-bedroom house on Park St, designed by a designer from NZ Sotheby’s International Realty, featured a gym, sauna and spa pool, making it the area’s highest-priced property sale last year.

Which streets are the most expensive outside Auckland and Queenstown?

Wellington’s most expensive street was Bayview Terrace in Oriental Bay, where 11 properties had a median value of NZ$3,350,000. The waterfront suburb of Oriental Bay is close to both the sea and the CBD and commands very high property prices. Although Bayview Tce is not directly on the waterfront, it offers easy access, outstanding sea views and excellent views of Mount Victoria.

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An 8-year-old, four-bedroom home on Wikinson Street in Wellington’s Oriental Bay sold in May for NZ$4,200,000, becoming one of the city’s most talked-about property sales last year

Christchurch’s most expensive street was Heathfield Ave in Fendalton. The 10 properties on this tree-lined street had a median value of NZ$3,640,000. Although it is not near the sea, it is less than 3 kilometres from the CBD and lies within top school zones, making it another highly sought-after prime location.

Hamilton’s most expensive street was Kotahi Ave in Beerescourt, where 11 properties had a median value of NZ$2,570,000. Tauranga’s most expensive was Otira Close in Papamoa, where 19 properties had a median value of NZ$3,680,000. Dunedin’s most expensive was School Rd North in Mosgiel, where 13 properties had a median value of NZ$1,770,000.

This article has explored the shared features of the most expensive homes across these areas. What ideas might that give you for your next home purchase? Share your thoughts in the comments below.