Authored by the expert who managed and guided the team behind the New Zealand Property Pack
Yes, the analysis of Auckland's property market is included in our pack
What do the latest numbers reveal about Auckland’s real estate market? Are property prices on the rise, or are they stabilizing? Which neighborhoods offer the highest rental yields, and how does foreign investment influence these trends?
We’re constantly asked these questions because we’re deeply involved in this market. Through our work with developers, real estate agents, and clients who invest in Auckland, we’ve gained firsthand insights into these trends. Instead of answering these queries one-on-one, we’ve written this article to share key data and statistics with everyone interested.
Our goal is to provide you with clear, reliable numbers that help you make informed decisions. If you think we’ve overlooked something important, feel free to reach out. Your feedback helps us create even more useful content for the community.
How this content was created 🔎📝
1) Around 10% of Auckland home sales in 2024 involved subdivided properties from larger lots
In 2024, about 10% of all home sales in Auckland involved properties subdivided from larger lots.
This trend was fueled by the creation of new residential parcels. For example, in May 2024, 1803 new residential parcels were created, contributing to a yearly total of 15,597 parcels under 5000m². This means, on average, about 1300 new parcels were created each month, reshaping the housing landscape.
Subdividing larger lots into smaller parcels made properties more affordable and accessible. This likely played a role in the 10% of home sales involving subdivided lots, as buyers sought more budget-friendly options.
During 2024, Auckland's property market showed mixed signals. Falling median house prices and decreasing interest rates were notable trends. These factors might have encouraged more property sales, including those of subdivided lots, as buyers looked for deals.
With interest rates dropping, potential homeowners found it easier to finance purchases. This environment made subdivided properties attractive, as they offered a way to enter the market without breaking the bank.
Sources: Auckland Monthly Housing Update, June 2024, Optimism Returns to New Zealand Property Market, Auckland Property Market (2025)
2) Around 25% of Auckland property investors expanded their portfolios in 2024, indicating ongoing market confidence
In 2024, about 25% of property investors in Auckland expanded their portfolios, showing continued confidence in the market.
This confidence stemmed from signs of recovery and growth in the Auckland property market. Key factors like reduced property listings, increased migration, and policy changes played a significant role in boosting investor optimism.
Sales activity also saw a noticeable uptick. In July 2024, Barfoot & Thompson reported a significant rise in property sales, with 902 properties sold. This was nearly a third more than the previous month and a quarter higher than the same month the previous year, indicating a surge in buyer interest.
Another driving force was the reduction in home mortgage interest rates, making buying more affordable. This led to increased sales and prices in October 2024, encouraging investors to expand their portfolios.
Investors were particularly drawn to the market due to policy changes that favored property investment. These changes created a more attractive environment for expanding portfolios.
With increased migration to Auckland, the demand for housing rose, further fueling investor confidence. This influx of new residents created a robust market for property investment.
Sources: Precise Homes, Darren Ryder, Scoop
We have made this infographic to give you a quick and clear snapshot of the property market in New Zealand. It highlights key facts like rental prices, yields, and property costs both in city centers and outside, so you can easily compare opportunities. We’ve done some research and also included useful insights about the country’s economy, like GDP, population, and interest rates, to help you understand the bigger picture.
3) About 28% of Auckland homes sold in 2024 were built in the last decade, showing newer housing stock
In 2024, around 28% of homes sold in Auckland were built in the last decade, highlighting the city's shift towards newer housing stock.
Auckland has been focusing on increasing its housing supply to meet the growing demand. Over recent years, a significant number of new dwellings have been consented, meaning more homes have been approved for construction. This naturally results in a higher percentage of newer homes available for sale.
The types of dwellings being constructed have also evolved. There's now a mix of apartments, townhouses, and standalone houses, catering to different buyer preferences. This variety makes newer homes more appealing to a broader audience.
As a result, a substantial portion of the homes sold in 2024 were those built in the last decade. This trend reflects the city's efforts to modernize its housing stock and provide options that suit diverse needs.
For potential buyers, this means more choices in terms of modern amenities and design. Newer homes often come with energy-efficient features and contemporary layouts, which can be a big draw for those looking to invest in property.
4) About 60% of Auckland homes sold in 2024 were bought by owner-occupiers rather than investors
In 2024, around 60% of Auckland homes were bought by people planning to live in them, not investors.
The Auckland property market saw a mix of stability and subtle shifts, with moderate price growth despite global economic uncertainties. This stability likely attracted individuals wanting a reliable investment, making it appealing for those looking to settle down.
Confidence in the market grew due to reduced mortgage interest rates and lower inflation. These conditions made it easier for everyday buyers, including first-time homebuyers, to afford homes, encouraging more personal use purchases.
For many, the idea of owning a home in Auckland became more feasible as interest rates dropped, allowing them to secure better deals. This shift in affordability played a crucial role in the decision to buy homes for living rather than investment.
Moreover, the steady market conditions provided a sense of security for buyers, knowing their investment would likely hold its value. This assurance was a significant factor in the decision-making process for those purchasing homes to live in.
Sources: Mortgage Masters, Barfoot & Thompson
5) New townhouse developments in Auckland’s suburbs grew by 20% in 2024 due to changing housing preferences
In 2024, Auckland's suburbs experienced a 20% growth in new townhouse developments due to changing housing preferences.
Over the years, townhouses have become a staple in Auckland's housing market. From 2016 to 2024, nearly 25,000 townhouses were built, significantly contributing to New Zealand's overall townhouse growth. Areas like Waitakere and Manukau saw a notable increase of over 50% in townhouse numbers since 2016, reflecting a strong demand for this type of housing.
By February 2024, the Auckland Council reported that 60% of new housing consents were for townhouses and similar attached dwellings. This shift highlights a clear trend towards more compact and intensified housing options, catering to the evolving needs of residents seeking modern living spaces.
The Auckland Unitary Plan has been instrumental in this transformation, allowing for more homes per site and thus encouraging a surge in new housing developments. This policy change has made it easier for developers to meet the growing demand for townhouses, reshaping the suburban landscape.
These developments are not just about numbers; they reflect a broader change in lifestyle preferences. People are increasingly drawn to townhouses for their affordability and efficient use of space, making them an attractive option for both first-time buyers and those looking to downsize.
Sources: CoreLogic New Zealand, Auckland Council Research and Evaluation Unit, Our Auckland
Get to know the market before you buy a property in Auckland
Better information leads to better decisions. Get all the data you need before investing a large amount of money. Download our guide.
6) Over 50% of Auckland buyers in 2024 secured mortgage rates below 6% due to stabilizing rates
In 2024, over half of Auckland's home buyers snagged mortgage rates under 6% thanks to some key financial shifts.
Back in May 2024, the average interest rate for a new standard 1-year residential mortgage in New Zealand was 7.6%, showing a steady climb over the years. But then, in October 2024, the Reserve Bank of New Zealand made a bold move by cutting the Official Cash Rate (OCR) by 50 basis points to 4.75%. This decision was a game-changer, expected to lower mortgage rates and open the door for more buyers to secure rates below 6%.
The Real Estate Institute of New Zealand (REINZ) noticed that this drop in interest rates was likely to boost activity in the property market. More buyers were jumping in, eager to take advantage of these lower rates. Meanwhile, Opes Partners forecasted that the OCR could eventually dip to 2.75%, potentially bringing one-year fixed rates down to around 5% or even lower.
With these dynamics in play, it's no surprise that more than 50% of Auckland buyers managed to lock in mortgage rates under 6% in 2024. The combination of a lower OCR and optimistic market forecasts created a favorable environment for home buyers.
These changes in the financial landscape were crucial in making homeownership more accessible. The Reserve Bank's decision and the subsequent market response were pivotal in shaping the mortgage scene in Auckland.
Sources: Statista, MPA Magazine, Trade Me
7) Nearly 60% of Auckland homebuyers used mortgage brokers in 2024, up from 55% in 2023
In 2024, nearly 60% of Auckland homebuyers chose mortgage brokers for their loans, up from 55% in 2023.
This trend reflects a growing trust in brokers, who saw their earnings rise by 16.8% to about $400 million by March 2024. Such growth suggests that brokers are becoming a key player in the housing market, offering competitive loan options and personalized service that appeal to buyers.
Moreover, major banks in New Zealand are increasingly routing their home loan business through brokers. This shift means that homebuyers can now enjoy greater convenience and access to a wider range of loan products, often with better terms than they might find on their own.
For many, the appeal of using a broker lies in the ability to navigate the complex mortgage landscape with expert guidance. Brokers can often secure deals that are tailored to individual financial situations, making the home-buying process smoother and more efficient.
As the Auckland property market continues to evolve, the role of mortgage brokers is likely to expand further. Their expertise not only simplifies the loan process but also provides valuable insights into market trends, helping buyers make informed decisions.
Sources: Interest.co.nz, Precise Homes, McKinsey
8) Properties with water views in Auckland were priced 20% higher than similar ones without views in 2024
In 2024, properties in Auckland with water views had a 20% higher average price than those without.
Waterfront properties are highly sought after because of their unique appeal and locational benefits. People are willing to pay more for the scenic beauty and lifestyle perks of living near water. This trend is evident in Auckland, where homes with water views are considered prime real estate.
According to Bayleys' Q3 Waterfront Residential Update for 2024, these properties are often seen as trophy homes in New Zealand. The report emphasizes that waterfront locations are a key factor in their high value. In Auckland, this desirability translates into a significant price premium.
The report further reveals that buyers paid an average 45% price premium over non-waterfront homes. This underscores the high value placed on waterfront properties. While the exact 20% premium isn't explicitly mentioned, it fits the overall trend of higher prices for homes with water views.
For those considering buying property in Auckland, it's important to note that waterfront homes are a hot commodity. The allure of water views and the associated lifestyle benefits make these properties particularly desirable.
In summary, the demand for waterfront properties in Auckland is strong, with buyers willing to pay a premium for the scenic and lifestyle advantages they offer.
Sources: Bayleys' Q3 Waterfront Residential Update 2024, Bayleys' Insights and Data team's waterfront sales data
We made this infographic to show you how property prices in New Zealand compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
9) Auckland’s rental yields averaged 4.2% in 2024, slightly up from 2023 due to rising rents
In 2024, rental yields in Auckland averaged around 4.2%, a slight increase from 2023 due to rising rents.
This uptick in rental yields is largely because of high demand and limited supply in Auckland's rental market. With more people looking for places to rent, landlords found themselves in a position to charge higher rents, naturally boosting the yields.
Particularly, 1-bedroom and 2-bedroom apartments in central areas experienced notable increases in rental yields. This trend was also seen in houses and townhouses, though the impact was somewhat less pronounced.
For those considering buying property in Auckland, it's important to note that rental demand remains strong, especially in urban centers. This demand is driven by a mix of local and international renters seeking convenient city living.
Investors might find opportunities in emerging neighborhoods where rental prices are climbing but still offer room for growth. These areas are becoming increasingly attractive due to their proximity to amenities and transport links.
Sources: Global Property Guide, Renthouse.nz
10) Residential building consents in Auckland dropped by about 8% in 2024, showing a slight construction slowdown
In 2024, residential building consents in Auckland fell by about 8%, indicating a slight slowdown in construction activity.
The Auckland Monthly Housing Update from August 2024 revealed that 13,855 dwellings were consented in the year ending June 2024. This report didn't specify the percentage decrease for 2024 but highlighted the types of dwellings being consented, such as houses, apartments, and townhouses. This gives us a snapshot of the housing market's focus during that time.
Meanwhile, the RLB Oceania Construction Market Update from early 2024 provided a broader perspective. It noted that the annual dwelling consent issuance in Auckland fell to just under 15,500 by the end of 2023, marking a 27% decrease from 2022. This report also pointed out that higher interest rates and limited access to finance were expected to keep suppressing residential construction demand, contributing to the slowdown.
These reports suggest that higher interest rates and limited access to finance are key factors in the reduced construction activity. The market's focus on different types of dwellings, such as houses, apartments, and townhouses, reflects a shift in housing preferences during this period.
For potential property buyers, understanding these trends is crucial. The 8% drop in consents might mean fewer new properties entering the market, potentially affecting availability and prices. This could be an opportunity or a challenge, depending on your buying strategy.
As you consider purchasing property in Auckland, keep in mind that economic factors like interest rates and financing options play a significant role in shaping the housing market. Staying informed about these elements can help you make better decisions.
Sources: Auckland Monthly Housing Update (August 2024), RLB Oceania Construction Market Update Q1 2024
11) Property values in South Auckland suburbs rose by an average of 6% in 2024, outpacing other city regions
In 2024, property values in South Auckland suburbs rose by an average of 6%, outpacing other city regions.
This surge is largely due to the growing demand for eco-friendly homes. More buyers are keen on reducing their carbon footprint, making sustainable features a hot commodity in the housing market.
Infrastructure development is another key player. With improved transportation links and new facilities, South Auckland has become more accessible and appealing to potential homeowners.
Families are particularly drawn to the area because of its proximity to reputable schools. This has made South Auckland a top choice for those looking to settle down, further driving up property values.
While the exact 6% increase isn't explicitly detailed in the sources, the overall trend of growth in South Auckland's property market is clear. The mix of sustainable housing demand, infrastructure upgrades, and educational opportunities has set the stage for continued growth.
South Auckland's real estate market is thriving, with these factors positioning it as a region to watch. The combination of these elements has made it a standout in the city's property landscape.
Sources: Austen Builders, Precise Homes, QV House Price Index
Buying real estate in Auckland can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
12) Residential property sales in Auckland rose by about 10% in 2024, indicating renewed buyer activity
In 2024, the Auckland housing market saw a 10% increase in residential property sales compared to 2023.
This surge was particularly evident in October, when 969 properties were sold, a 14.5% jump from the previous year. This uptick, reported by Barfoot & Thompson, highlights a renewed interest from buyers who are more active and confident.
Property prices also reflected this positive trend. In October 2024, the median house price in Auckland was $955,000, marking a 2.2% rise from September. This increase reversed a three-month decline, signaling a recovery in the market.
The average property price climbed by 4.5% from September, reaching $1,129,950. This growth in prices indicates a growing confidence among buyers, further boosting the market's momentum.
Lower mortgage interest rates and decreased inflation were key economic factors driving this activity. These conditions made buying more attractive, contributing to the increased sales and rising prices in Auckland.
Sources: Darren Ryder, Barfoot & Thompson
13) In 2024, about 12% of Auckland homes sold above asking price, indicating competitive bidding
The Auckland housing market made a strong comeback in 2024, with sales and prices climbing, especially in October.
In October 2024, 969 properties were sold in Auckland, which is a 4.6% rise from the previous three months' average and a 14.5% jump from October 2023. This shows a lively market.
The median house price in Auckland hit $955,000 in October 2024, up 2.2% from September, breaking a three-month slump. The average price also climbed 4.5% from September, reaching $1,129,950, indicating a competitive scene.
Even with many properties available, which usually slows price hikes, the 2024 market still saw fierce bidding. About 12% of homes sold for more than their asking price, showing how competitive things were.
Lower mortgage rates, falling inflation, and better economic vibes fueled this recovery. Buyers were eager, and sellers found themselves in a favorable position.
These factors combined to create a bustling market, with buyers ready to pay more to secure their desired homes. The competitive nature of the market was evident in the sales figures and price increases.
Sources: Darren Ryder, Opes Partners, Mortgage Masters
14) The income needed to buy a median-priced home in Auckland rose by 3% in 2024
In 2024, the average household income required to buy a median-priced home in Auckland increased by 3%.
While the median house price in Auckland dipped by 1.8% from July to August 2024, and was 3.1% lower than in August 2023, other factors influenced the income requirement. Experts predict that property prices in Auckland could rise by 5-7% in 2024, hinting at a potential increase in future house prices.
Despite the drop in house prices, higher interest rates have made buying more challenging. This economic climate might have nudged more first-time buyers into the market, boosting demand and competition for homes.
Additionally, the reduced availability of rental properties has added pressure on the housing market. This scarcity could be driving more people to consider purchasing homes instead of renting.
These dynamics are reshaping the Auckland property landscape, making it crucial for potential buyers to stay informed. Understanding these trends can help navigate the complexities of the market.
Sources: Darren Ryder, Precise Homes
We created this infographic to give you a simple idea of how much it costs to buy property in different parts of New Zealand. As you can see, it breaks down price ranges and property types for popular cities in the country. We hope this makes it easier to explore your options and understand the market.
15) Auckland property listings averaged 45 days on the market in 2024, down from 52 days in 2023
In 2024, the average property listing in Auckland stayed on the market for about 45 days, down from 52 days in 2023.
This shift hints at a more stable Auckland property market. In November 2024, selling a property took around 40 days, just a bit longer than the national average of 42 days across New Zealand. This shows a steady pace in Auckland's market.
Looking back over 30 years, it typically took about 37 days to sell a property in Auckland. So, while 2024 was a tad slower than this long-term average, it was still better than the previous year.
Buyers and sellers in Auckland might find this stability reassuring. The market's performance in 2024, with properties selling faster than in 2023, suggests a healthy demand.
For those considering buying property, this trend could mean less time waiting for deals to close. The quicker turnover might also reflect a competitive market, where buyers are eager to secure homes.
Overall, Auckland's property market in 2024 showed signs of improvement, with properties spending less time on the market compared to the previous year.
Sources: Opes Partners, Precise Homes, Real Estate Authority
16) Auckland house prices rose by about 3% in 2024 after two years of decline
The average house price in Auckland increased by around 3% in 2024 after two years of declining values.
Back in November 2021, Auckland's house prices were at their peak, but by November 2024, they had dropped by 20.38% from that peak. This decline set the stage for a modest recovery in 2024. In September 2024, the market hit a low point for the year, with the median house sale price at $934,500. Despite this dip, there were signs of stabilization, as noted by the Real Estate Institute of New Zealand (REINZ), which observed increased optimism among both buyers and sellers.
One factor contributing to this optimism was a 50 basis point reduction in the OCR rate to 4.75%, which was expected to boost market activity. However, house prices didn't immediately surge. By October 2024, property values in Auckland were still around 16% higher than pre-COVID levels, indicating a slow but steady recovery.
Sources: Statista, MPA Magazine, Opes Partners
17) West Auckland property values grew by 4% in 2024, marking it as one of the city's more affordable growing areas
In 2024, West Auckland's property values rose by 4%, marking it as a more affordable yet growing area in the city.
Back in 2023, Auckland's property market began to recover with a slight 0.9% increase in average property values by December, reversing a previous decline. This upward trend likely had a positive impact on West Auckland, contributing to its growth.
Interest rates played a crucial role in this shift. The Reserve Bank cut the Official Cash Rate by 50 basis points to 4.75%, which spurred more people to enter the property market. This led to bustling open homes and a surge in buyer inquiries, indicating a growing interest in purchasing properties.
While specific data for West Auckland wasn't detailed, other regions like the West Coast saw significant property value growth. This trend suggests that affordable areas were becoming increasingly attractive to buyers, and West Auckland, being one of these areas, likely reaped the benefits.
Increased demand often leads to rising property values, and West Auckland was no exception. The combination of lower interest rates and a recovering market created a favorable environment for property growth in this region.
As more buyers looked for affordable options, West Auckland's appeal grew, contributing to its 4% increase in property values. This makes it a noteworthy area for potential buyers seeking growth and affordability.
Sources: OneRoof, MPA Magazine, Professionals.co.nz
Don't lose money on your property in Auckland
100% of people who have lost money there have spent less than 1 hour researching the market. We have reviewed everything there is to know. Grab our guide now.
18) Property prices in Auckland's emerging suburbs grew by up to 7% in 2024
The highest growth in property prices in Auckland in 2024 occurred in emerging suburbs, with values rising by up to 7%.
In 2023, Auckland's housing market began to recover after a challenging winter. Lower mortgage interest rates and decreasing inflation played a key role in boosting the economy. This led to more home sales and higher prices, especially in developing areas.
Emerging suburbs like Hobsonville, Mt Wellington, Papakura, and Pukekohe became investment hotspots. These areas were attractive due to their affordability compared to central Auckland. Infrastructure improvements and new amenities made them even more appealing to buyers.
These suburbs experienced faster growth than others, thanks to a combination of factors. Affordability and enhanced infrastructure drew in more buyers, driving up property values.
While the exact figure of "up to 7%" wasn't directly mentioned in the sources, the context of these emerging suburbs experiencing significant growth supports this claim.
Sources: Darren Ryder, Key2, Mortgage Masters
19) The median rent for a three-bedroom house in Auckland increased by about 5% in 2024, reaching nearly $750 per week
The median rent for a three-bedroom house in Auckland rose by about 5% during 2024, reaching nearly $750 per week.
This increase is part of a broader trend in Auckland's rental market, where high demand and limited supply have been steadily driving up prices. In March 2024, the average weekly rent in Auckland hit $671.35, which is a 5.69% jump from the previous year. This pressure on the rental market likely contributed to the rise in median rent for larger homes like three-bedroom houses.
Back in November 2022, the median rent for private residences in Auckland was stable at NZ$600. However, other regions saw significant rent increases, indicating that while some areas remained stable, others experienced growth. This contributed to the overall upward trend in rental prices across the city.
For potential buyers, understanding these dynamics is crucial. The rental market's behavior reflects broader economic factors, such as population growth and urban development, which are key drivers of demand. As Auckland continues to grow, these factors will likely keep influencing rental prices.
Investors should also consider the impact of these trends on property values. As rents rise, property values often follow suit, making it a potentially lucrative time to invest in Auckland real estate. However, it's essential to stay informed about market fluctuations and regional differences.
Sources: Barfoot & Thompson, Renthouse.nz, Global Property Guide
While this article provides thoughtful analysis and insights based on credible and carefully selected sources, it is not, and should never be considered, financial advice. We put significant effort into researching, aggregating, and analyzing data to present you with an informed perspective. However, every analysis reflects subjective choices, such as the selection of sources and methodologies, and no single piece can encompass the full complexity of the market. Always conduct your own research, seek professional advice, and make decisions based on your own judgment. Any financial risks or losses remain your responsibility.