More than 300 suburbs now have $1 million median home values

A rising number of properties across the country now come with a seven-figure price tag. 

While the $1 million threshold for homes doesn’t carry the same shock it once did, it still holds strong significance for buyers and sellers, and remains a useful marker for affordability and market dynamics on both local and national levels, according to Cotality Head of Research Nick Goodall.

Over the past three months, Auckland has dominated high‑end sales, representing 52% of all $1 million-plus deals – half of which occurred in Auckland City and North Shore. 

Wellington and Christchurch each accounted for around 7%, and Queenstown about 4%. 

Smaller regions such as Hamilton, Tauranga, Waipa, Thames‑Coromandel, Western Bay of Plenty and Taupo also made the list.

Where are the million‑dollar suburbs?

Cotality’s data covers nearly 1,200 NZ suburbs with at least 200 homes. Of those, 337 (28%) now have a median property value above $1 million. 

Auckland has the most, with 167 suburbs or 70% of its areas in that price band. Even more striking, Queenstown sees 89% of suburbs exceed $1 million, while Western Bay of Plenty is at 71%. Other high‑value regions include Waipa, Waikato, Waimakariri, Tasman and Taupo, often due to their mix of lifestyle blocks and premium housing. 

What does this mean for your clients?

For sellers, seeing their home listed in a $1 million suburb may boost buyer interest – especially if their location is among those highlighted. 

Buyers, however, should be prepared: in many regions, even median homes come with seven‑figure price tags. That makes thorough budgeting and mortgage advice more crucial than ever.

Why it matters to agents and mortgage advisers

Knowing which markets are crossing that million‑dollar threshold – and which are accelerating fastest – helps real estate agents guide clients on timing, pricing and negotiation. 

For mortgage advisers, it sharpens lending strategies around debt‑to‑income restrictions, capital buffers and potential serviceability issues in high‑value areas.

If your buyers need help navigating lending options in high‑value markets, I’d be grateful if you could refer them to me.