Wellington's million dollar club

Oriental Parade among NZ's priciest streets

Last updated 15:25 09/11/2012
Oriental Bay
JOHN NICHOLSON/Fairfax NZ

With the average asking price more than $1m, Oriental Bay is Wellington's priciest suburb.

Relevant offers

Commercial Property

Wellington's Amora Hotel says it is closing for up to 12 months Fletcher Building is a target for bored investment banks, fund says Ratepayers will be asked for their opinions on sale of council land at Shelly Bay Wellington City Council poised to sell Shelly Bay land for 'fraction' of its true value, developers say Sylvia Park opening $9m food precinct at the end of the year Wellington changes tack on plans to tackle its housing crisis Australian media claims buyers are chasing Fletcher Building Sale ends Warehouse Group's development dream St Mary of the Angels reopens after earthquake strengthening while Town Hall waits Long forgotten time capsule opens a window to the 1960s

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.

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".

Ad Feedback

- The Dominion Post

Comments

Special offers
Opinion poll

Do you rent or own your home?

Rent alone

Rent with others

Own with mortgage

Own freehold

Vote Result

Related story: $1m-plus in unclaimed bonds

Featured Promotions

Sponsored Content