Press Release
30th November 2016
Number of $million homes across New Zealand skyrockets
New figures released by property valuation platform, myvalocity, for October show the number of New Zealand homes with
an estimated value of over $1 million has increased four-fold since 2013.
The figures illustrate the extent of the property boom in the last three years which, despite the unusual Spring
slow-down, has seen an estimated $245 billion* created in additional equity for home owners.
myvalocity valuations show the number of homes across New Zealand with an iVal** (estimated value) of over $1 million
increased from 59,000 homes in 2013 to 235,000 properties in 2016 – an increase of 398%.
Auckland saw one of the biggest increases in residential homes joining the ‘million-dollar club’ with 186,933 homes now
estimated to be valued at over $1 million – up from 45,868 homes in 2013. myvalocity’s iVal estimates homes with a value
of over $1 million now equates to 41% of all Auckland residential properties – up from 11% in 2013.
Others areas that have seen a significant increase in the number of (estimated) million dollar-plus homes include
Tauranga, Queenstown, Rotorua, New Plymouth and Hastings. [see graph1, p3]
myvalocity CEO Carmen Vicelich says whilst there are clear signs over recent months from the company’s median property
sales and volume data that the market is pulling back, the heat generated in the market in recent years has seen values
across the country move to a new level.
“Whilst we are still seeing some growth in most parts of the country, it appears things are starting to level off.
However, growth in the last couple of years has changed the valuation landscape quite significantly as many homes have
moved up to new pricing brackets due to a supply issue that started in Auckland and moved out to the regions.”
In addition, a number of new ‘high-end’ homes have been built in recent years which has had an impact on overall
valuations. Our analysis in Auckland alone has seen the median sales price of a newly built home increase from $450,000
in 2013 to $1,010,000 in 2016.”
According to myvalocity figures for October, sales of homes over $1 million in Auckland now represent over a quarter of
all sales.
“The fact that there is still a lot of activity in the $million-plus price bracket is one of the reasons we are yet to
see a significant decrease in Auckland’s median sales price,” says Mrs Vicelich. “We expect the next few months, which
is traditionally a peak sales period, to further clarify where the market is headed.”
For more Data Insights – please see the myvalocity monthly report attached.
Editors Notes:
*This is an estimate by myvalocity based on an iVal of all residential properties across New Zealand in 2013 and 2016.
** an iVal is a computer generated valuation that uses data analytics to determine what a property is worth using
modelling and available sales and other property data. AVM’s are used by banks to make lending decisions and is also
available to individuals who want an accurate idea of a property’s worth in place of getting a full registered
valuation.
ends
Graph 1: Number of $million homes
Area$million-plus homes 2013
(iVal)% $million homes in area
2013$million-plus homes
2016
(iVal)% $million homes in area
2016Auckland45,86811%186,93341%Hamilton 147<1%1,1572%Tauranga1,5273%4,64110%Wellington2,7315%7,83712%Christchurch3,0362%5,8284%Dunedin 2001% 4791%Queenstown1,26212%5,17835% Far North312%7264%Whangarei13<1%1,5985%Whakatane1232%2853%Coromandel7156%222811%Rotorua28<1%6903%Gisborne631%1932%Taupo3373%8525%New Plymouth2361%6712%Hastings881%7103%Napier1351%3372%Palmerston North104<1%2381%Wanganui6<1%23<1%Carterton0<1%221%Ashburton13<1%1462%Timaru25<1%2142%Invercargill3<1%41<1%