New Zealand’s real estate market is “mayhem"

New Zealand’s real estate trade is “mayhem” at the moment, but there are still certain areas of the nation where the median real estate price is less than $100,000. Going forward to the finale of last year, house prices were peaking and feared of missing out (FOMO) had replaced the market. Auckland, which currently has a median value of $1 million, governs the most high priced suburbs. Of the 10 most lavish suburbs, nine are in Auckland and one is in Wellington, according to Homes.co.nz. The 10 most exorbitant suburbs are Herne Bay, Saint Mary’s Bay, Shamrock Park, Oriental Bay (Wellington), Westmere, Ponsonby, Stanley Point, Remuera, Epsom and Campbells Bay. Their median price ranges from $1.94m in Campbells Bay up to $3m-plus in Herne Bay. Homes.co.nz chief data scientist Tom Lintern says the $2m club is now eight suburbs sturdy, with Herne Bay being the only suburb with median values exceeding $3m. “Even though being the most high priced suburbs, the call for property in these region continues to be secure with median values in some being up by over 20 per cent per annum.”                                                                                      


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