This week the NZ Herald released an estimate of the total value of properties in Auckland, Wellington, and Christchurch.
It estimated there were a total 482,000 residential properties in Auckland. If we add up the value of all the residential properties in Auckland, what do you think it will be worth? NZ Herald puts it at $530b. NZ’s GDP is about $180 billion. So the total value of Auckland’s residential properties is approx 3 times NZ’s GDP.
They also performed similar calculations for Christchurch, Wellington and Queenstown.
Wellington’s 69000 properties are worth about $50 Billion, Christchurch’s 146000 properties are worth about $70 billion, and Queenstown’s 18,000 properties are worth about $20 Billion.
For a different perspective, Auckland has roughly 482,000 residential properties. And Christchurch, Queenstown, and Wellington combined have almost 240,000 residential properties. So Auckland has roughly double the total number of properties in Christchurch, Queenstown and Wellington combined. However, the sum of all Auckland’s residential properties is worth nearly FOUR times what Wellington, Christchurch, and Queenstown’s are worth combined.
Another interesting insight is that it puts the average price of a Wellington property at $720,000 , an average Christchurch residential property at $470,000, and an average Queenstown residential property at $1.1 million.
That’s why advisers tell us the importance of Location, Location, Location when investing in properties.