Key Takeaways
- Cremorne St is Auckland’s most expensive street, with an average home value of $8.8m
- The Rise in St Heliers and Westbury Crescent in Remuera are the second and third most expensive streets, respectively
- Despite high prices, values along these exclusive streets have fallen since the last CVs were released in 2021
- The average home value across Auckland has dropped 9% since 2021, with the city’s most expensive suburbs being Herne Bay, maha, and Saint Marys Bay
- The city’s most expensive home is now worth $72.5m, owned by exporter Deyi "Stone" Shi on Huriaro Place in rākei
Introduction to Auckland’s Most Expensive Streets
Auckland’s most expensive streets have been revealed, with Cremorne St taking the top spot with an average home value of $8.8m. This prestigious street is home to some of the city’s most luxurious properties, including the helipad-equipped mansion owned by developer Simon Herbert and his wife Paula, which they purchased for $30m in 2018. The street’s average value has actually dropped by $1.3m since the last CVs were released in 2021, but it still remains the most expensive street in the city.
The Rise of Exclusive Suburbs
The Rise in St Heliers is the second most expensive street, with an average home value of $8.6m, while Remuera’s Westbury Crescent ranks third with an average value of $7.8m. These exclusive suburbs are known for their stunning properties and desirable locations, with Herne Bay being the most valuable suburb overall, with an average home value of $3.47m. Other expensive suburbs include maha, Saint Marys Bay, Okura Bush, and Remuera, which round out the top five most valuable suburbs in Auckland.
The Impact of CVs on Property Values
Despite the high prices of these exclusive streets and suburbs, the average home value across Auckland has actually dropped by 9% since 2021, according to Auckland Council’s chief finance officer Ross Tucker. This is due to the economy and property market trending down over the past few years. The CVs, which are supposed to happen every three years, involve a revaluation of all 630,000 properties across the city and are used to share rates between properties. However, property experts warn that CVs should be taken with a grain of salt and that what matters most is the value that buyers are willing to pay.
The City’s Most Expensive Homes
The city’s most expensive home is now worth $72.5m, owned by exporter Deyi "Stone" Shi on Huriaro Place in rākei. This mega mansion jumped $14.5m from its 2021 valuation of $58m, bucking the city-wide trend of lower prices. The top 10 most expensive homes in Auckland are now worth just over $429m combined, according to the new valuation figures. Billionaire Graeme Hart’s Riddell Rd home in Glendowie is the second most valuable home, with a CV of $48m, although its value has dropped from $52m in 2021.
The Relevance of CVs in the Property Market
Luxury real estate agent Graham Wall from Wall Real Estate notes that CVs don’t matter much for home buyers, as they often don’t take into account nuances such as the view or interior design. The CVs are based on valuations as of May 1, 2024, which are more than a year old, and are not for estimating the current market value of properties or for mortgage and insurance purposes. Instead, they are used to ensure that everyone pays a fair share of rates. As such, property experts recommend that buyers and sellers focus on the current market value of properties rather than relying solely on CVs.
Conclusion
In conclusion, Auckland’s most expensive streets and suburbs have been revealed, with Cremorne St, The Rise, and Westbury Crescent taking the top spots. While the average home value across Auckland has dropped by 9% since 2021, the city’s most expensive homes, including the $72.5m mega mansion owned by Deyi "Stone" Shi, continue to fetch high prices. As the property market continues to evolve, it’s essential for buyers and sellers to stay informed about the current market value of properties and not rely solely on CVs.
