Auckland inner city suburb Grafton
A REINZ analysis of sought-after inner Auckland suburbs shows that Grafton, followed by Mt Eden and then Northcote Point top the price rise list.
The analysis compared the median price of properties for the six months ending March 2018 with the median price of properties at the same time last year.
Over the time compared, Grafton’s median price rose by a hefty 39.8%, or $167,000, from $420,000 to $587,000.
Mt Eden’s median price went up by 36.7%, or $340,500, from $927,000 to $1,267,000, while Northcote Point’s median price increased by 19.2%, or $220,500, from $1,147,000 to $1,367,500.
REINZ chief executive Bindi Norwell says Auckland’s top five fastest rising suburbs all have a number of critical factors in common.
They are all close to the CBD, have good motorway access and public transport links, they have a number of entertainment or dining options available to them and they also have access to green spaces.
“Time and time again, we hear from agents that proximity to the CBD is becoming increasingly important as people want to spend less time sitting in their car driving to work,” she says.
“What is interesting though is that apartments are proving more popular than ever in these established areas, with people prepared to sacrifice space for the gains made in travel time.”
But the top two suburbs - Grafton and Mt Eden - clearly stand out from the other fast rising suburbs in Auckland because of the school zones they offer, Norwell says.
“Both Grafton and Mt Eden fall into Auckland’s very popular Grammar Zone. With education continuing to be a key purchasing decision, this is adding to the price that people are prepared to pay to live in these areas.”
It’s worth noting that Grafton, which has long lagged behind in the price growth stakes, also sits in close proximity to Auckland Hospital, the University of Auckland, AUT, and the CBD.
Meanwhile, in sharp contrast to the increases in median prices seen in the top 10 fast rising suburbs, the median for Auckland over the same period decreased by 0.9% from $863,000 to $855,000.
Central Auckland’s top 10 fastest rising suburbs:
- Grafton: up 39.8% to $587,000
- Mt Eden: up 36.7% to $1,267,500
- Northcote Point: up 19.2% to $1,367,500
- Westmere: up 18.9% to $2,045,000
- Epsom: up 18.3% to $1,540,500
- Albany: up 16.4% to $964,500
- Mellons Bay: up 16.2% to $1,935,000
- Pt Chevalier: up 15.8% to $1,540,000
- Campbells Bay: up 15.0% to $2,195,000
- Freemans Bay: up 14.2% to $1,395,000
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