New Zealand Suburbs to break the $1 million property milestone

Sydney sports 52 million dollar suburbs, but with the national median house price of just NZD $347,000 and in the largest city Auckland, less than NZD $500 000, finding a suburb of streets full of properties topping the $1 million mark is a milestone few have contemplated.

A handful of areas across the country, such as the tiny but picturesque Northland tourist port of Russell, and Auckland's rugged Waitakere region - which includes elite Cornwallis, Karekare and Piha - have already posted million-dollar medians at least once in the past 12 months but they are not considered reflective of overall performance. This is because they are based on just a handful of sales of high-end properties, which distorts the results.

Instead, Auckland's traditional blue-chip property zones in the eastern suburbs, plus Mt Eden/Epsom and the historic area of Devonport, are pushing to provide the country with its first official seven-digit suburb.

Devonport, which includes expensive Cheltenham and Stanley Bay, twice posted a median house sale price of NZD $800,000-$845,000 in the past 12 months, according to latest Real Estate Institute figures. And all three zones - which include prestigious neighbourhoods such as St Heliers, Remuera, Parnell and Herne Bay - recorded June medians ranging from $700,000 to almost $750,000.

Experts say despite a recent chill in the property market, it is still probable that these few zones will make the symbolic million-dollar mark in the next 12-18 months. nzherald.co.nz