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House prices in Auckland are rising fast, and buyers need to plug into the city’s top five estate agents to find the home of their dreams at the right price.
If you are tempted to buy a home in New Zealand, you’ll join a vibrant British expat community of around 250,000 Brits who have already moved.
Around 1.7 million people live in Auckland, a surprisingly large and open-plan metropolis by European standards.
Wellington may be the capital, but most things happen in the north island city of Auckland.
The city is the country’s largest city and the business and culture capital.
The iconic Sky Tower looms impressively over the city, laid out around two huge harbours and plenty of green spaces.
Vibrant Viaduct Harbour is the playground of the rich and famous. The dockside is packed with expensive superyachts and lined with bars, restaurants and cafes.
The city’s oldest park is affectionately known as the Domain. The park is home to the formal Wintergardens, where gardeners, casual strollers, and the young and old participate in regular events.
Nearby Mission Bay Beach is a sandy waterside minutes from the central business district at the city’s heart. The beach offers stunning views of Auckland and is a popular place for Aucklanders to meet and enjoy lunch at the weekend.
But be warned! House prices have skyrocketed in Auckland and are still rising, so if you want to grab that forever home, there’s no time to waste, whether it’s a funky modern flat or a lovely colonial survivor.
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Auckland Property Market
Auckland is New Zealand’s primary property market and the country’s largest city.
The central business district (CBD) is a thriving financial and business centre with many best-paid jobs. Auckland has one of the world’s top universities and many good public and private schools.
Add to that Auckland is a top entertainment and cultural destination with easy access to the North Island countryside, and it’s not hard to see why property prices are so high.
Here’s a snapshot of the Auckland property market according to expat cost of living monitor Numbeo:
- Income to price multiplier: 12.84 – most places find a multiplier between three to five as affordable
- Mortgages and rents consume around 112 per cent of household income – a 30 to 40 per cent result is considered acceptable.
- Rental yields for investors are about 3.27 per cent in the city centre, dropping to 3.31 per cent in the suburbs.
Renting A Home In Auckland
Auckland has a thriving rental market, as expats can only buy a home with a residence permit.
Renting in the city centre is expensive – a one-bed flat costs around £1,052 a month, while a three-bed family apartment is £1,913 a month. Prices are cheaper in the suburbs – falling to £941 monthly for a one-bed and £1,521 for a three-bed home.
For landlords, the current property cycle means high prices, pushing down rental yields but giving decent capital growth.
Choosing A Home In Auckland
Home prices are expressed as per square metre for easy comparison.
The average price per square metre in the city centre is £6,986. In the suburbs, this cost falls to £5,921 pm2.
The average take-home salary is £2,513. The current mortgage rate is 6.26 per cent on a 20-year fixed-rate deal.
State of the market
Property prices are high in Auckland, but the market is in a downturn, with prices dropping more than 22 per cent from the market’s peak in November 2021. (July 2023)
The mid-market property price is NZ$1 million – equivalent to £485,000, but buyers get more property from their money in Auckland than in Britain.
Although prices have fallen, demand keeps the market buoyant, as around one in three of New Zealand’s homes are in the city.
Popular neighbourhoods
The most expensive Auckland neighbourhood is Herne Bay, which has a median house price of £1.36 million. The cheapest is Auckland Central, with a median price of £260,000.
House prices in Omaha have grown the fastest over the past two years, posting an average 11 per cent yearly increase. Auckland Central has seen the worst price movements – an average drop of six per cent over the same period.
Buying A Home In Auckland
Expats have restrictions on living in Auckland. The government changed the rules to stop foreign investors looking for a second home from increasing prices.
Brokers or estate agents handle most sales.
Expats without a residence visa cannot buy or build a home. Finding a mortgage is also tricky as a non-resident.
Expats over 66 can stay for two years with a visitor visa if they show they have £365,000 to invest, an annual income of £30,000 and a £240,000 pot to fund their living costs.
Top 5 Auckland Property Websites
Auckland is one of the world’s busiest property markets and is well-served by estate agents and property-finding websites. Here are five websites considered among the leading Auckland property firms:
OneRoof
The number one New Zealand property finder website with more than 2,000 homes for sale or rent in Auckland. OneRoof is not an estate or letting agent but an aggregator showing homes for sale or rent from dozens of property professionals.
OneRoof also publishes the latest house price and rent data alongside property guides and information about property experts.
The website also has a comprehensive list of Auckland properties heading for auction.
Website: www.oneroof.co.nz
RealEstate
Another web aggregator offering extensive coverage of properties for sale or rent in the Auckland area.
For entrepreneur expats, RealEstate lists commercial property and businesses.
A helpful website feature is a handy tool that allows parents to search for homes in specific school catchment areas.
Website: www.realestate.co.nz
PropertyValue
This website promises precisely what the name says – sourcing property valuation data.
If you’re looking for a home, you can instantly call up property information like historical pricing, certificate of title and building consent—all vital information for the serious buyer.
PropertyValue lists no property – just important financial and ownership information.
Website: propertyvalue.co.nz
Barfoot
Barfoot is a family-owned estate agent that has served the Auckland area for over a hundred years. Barfoot is New Zealand’s largest family-owned private property company, with 95 offices throughout Auckland and Northland.
Barfoot is also a letting agent with almost 20,000 homes under management.
Website: barfoot.co.nz
RayWhite
Another dedicated estate agent based in Auckland, with 195 offices across New Zealand. As a leading property firm, RayWhite offers comprehensive services for buying and renting residential and commercial property, including auction listings.
Website: raywhite.co.nz
Finding A Home In Auckland FAQ
If you are moving to Auckland, this FAQ section offers all the information you need to answer some common questions about the property market and local rules for expats.
Expats and other foreigners must have a residence permit to buy a home or land in New Zealand. Similar restrictions, including financial requirements, also apply to anyone over 66 retiring to New Zealand.
Auckland is a tightly regulated property market with lots of guidance offered by the government. Try Settled’s official website for detailed information about buying and renting property in the city.
You should have a residence permit before buying a home or land in New Zealand, although a temporary residence permit is available for retirees looking to move to the country.
New Zealand experiences opportunist crime like any other country, but serious violent crimes are rare. Generally, New Zealand is as safe as the USA or any European country.
The Emirates Dubai to Auckland flight is one of the longest non-stop trips by air, taking 16 hours to cover 8,824 miles. Auckland is about four hours’ flying time from Sydney and Melbourne.
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