Plush central Auckland suburbs dominate a new list of areas where the average house values are $1 million or more - and New Zealand could have its first $2m suburb by Christmas.
The number of million-dollar suburbs is now higher than at any time during the previous housing boom, new figures released by PropertyIQ to the New Zealand Herald reveal.
Herne Bay continues to top the list with an average house price of $1.8m - a rise of more than 10 per cent since last year.
It became Auckland's first $1m suburb in 2003 followed by St Mary's Bay in 2004.
By early 2008 there were 10 in Auckland that passed the million-dollar mark but this figure dropped to just three - Herne Bay, St Mary's Bay and Parnell - in mid-2009 before picking up again.
PropertyIQ research director Jonno Ingerson told the Herald that if house sales in Herne Bay continue to rise at a similar rate then the suburb will become the country's first $2m suburb by December.
Houses were valued by PropertyIQ based on recent sales of nearby comparable properties to find an average. There are many properties that would fall below the figure.
Auckland suburbs that have an average house value of $1m or more: Westmere, Ponsonby, Devonport, Herne Bay, St Mary's Bay, Parnell, Epsom, Stanley Point, Remuera, Takapuna, Mission Bay.
Wellington does not have any $1m suburbs.