Wellington's million dollar club

02:32, Nov 09 2012
Oriental Bay
With the average asking price more than $1m, Oriental Bay is Wellington's priciest suburb.

More than 40,000 houses in New Zealand have a price tag of more than $1 million, says Quotable Value, including a host of houses in Wellington's Oriental Bay.

Of all the streets in New Zealand, Oriental Parade has the sixth most million-dollar properties, with 192 of 278 propeties on the street in the million dollar club.

The state-owned valuer says almost three-quarters of the nation's million-dollar homes are in Auckland. More than 4600 streets nation wide with five or more houses have at least one property worth more than $1m, while 24 streets have 100 or more million-dollar properties.

One hundred and eighteen streets can boast that every single property on the street is valued at more than $1m.

Of Wellington streets, the most expensive by median house price is Carlton Gore Rd in Oriental Bay, where a median house would set you back $2.65m.  Bay View Tce, also in Oriental Bay, comes second, with a median price of $2.3m. The median Oriental Parade house costs $1.7m.

The average house price in Wellington city is $550,000. The average Oriental Bay-Roseneath house price is $1.06m.

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QV said about 12,400 of the more than 40,000 million-dollar or more properties were outside Auckland.

"This may not come as a surprise to some, especially considering most of our population is based in Auckland. But ... it's a measly ratio."

The valuer said "it's all relative", but "it seems the elusiveness and exclusivity of being a million-dollar home owner is less than before".

The Dominion Post