Auckland property

PHOTO: REINZ sales data from 2019-2020 proves it’s possible to get on the Auckland property ladder for under $500,000. Photo credit: Getty.

Getting onto the property ladder in Auckland is a challenge, but there are bargains around.

With interest rates at all-time lows and forecasts that house prices could drop 5-to-10 percent, first-home buyers could finally get a look-in.

But with current property sales figures showing strength and as Auckland is notoriously expensive – it’s not easy to find a bargain.  For buyers who are willing to shop around, it is possible to buy a 3-bedroom home for under $500,000 – they just have to look in the right areas.

Although Auckland’s median price for a 3-bedroom home is currently $866,000, there are entry-level homes well-below that.  The city commute would be longer and buyers should remember that a first-home is often a first step on the ladder.

“Your first-home is highly unlikely to be your ‘forever’ home, so it’s about getting a foot on the market and gradually moving ‘up’ the ladder over time and as your financial situation, lifestyle and needs change,” REINZ chief executive Bindi Norwell said.


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One way of getting onto the property ladder is to buy a ‘do-up’ in a less-desirable area.

According to Real Estate Institute of New Zealand (REINZ) sales figures over the 12 months from June 2019 to June 2020, the top five cheapest 3-bedroom family homes in Auckland sold for prices between $320,000 and $425,000.

Auckland’s top five cheapest 3-bedroom homes sold in 2019/2020

  • 3/27 Lagoon Drive, Panmure (townhouse), sold for $320,000 in September 2019
  • 11 Kona Crescent, Henderson (townhouse), sold for $330,000 in July 2019 (freehold section)
  • 14A Frank Hewitt Street, Pukekohe (residence), sold for $394,000 in January 2020 (freehold section)
  • 2/37 John Walker Drive, Manurewa (residence), sold for $416,000 in April 2020 (cross lease section)
  • 2/61 Redcrest Ave, Red Hill (residence), sold for $425,500 in February 2020 (cross lease section).

Source: REINZ (excludes apartments, units and homes with remediation issues, including leaky buildings and fire damage).