Auckland’s economy is buoyant, and it’s growing much faster than our other cities attracting the lion’s share of investment both private and public. Far more commercial and private dwelling consents are granted in Auckland and eighty percent of all immigrants that arrive in NZ, stay in Auckland instead of moving to other parts of the country.
With a third of New Zealand’s population now residing in the Auckland region, the property market is the focal point for media who report on it almost weekly. Auckland now has 59 suburbs with the average property value $1 million or more. By contrast Wellington has just four and Christchurch has 2 suburbs in the million dollar club. Check out this interactive map of Auckland’s million dollar suburbs.
The demand for rental accommodation in Auckland is very high due to the high migration, a lack of supply and home affordability. While there is now extensive residential property development underway in Auckland, it’s mostly happening in the outer suburbs and further away from where most people work. Getting around Auckland particularly at peak hours is big challenge so properties for purchase or rent nearer the CBD are most sought after.
For more information on how to invest in property in Auckland see PropertyTutors or download these eBooks: