On the other hand , Auckland overwhelmingly leads the list of suburbs most vulnerable to losing their $ 1 million valuation . Wellington is also represented twice , and it is interesting to contrast the impact of shifting resident preferences with a decline in median valuations .
“ The suburbs identified as most at-risk are those with the lowest growth rates over the past three years , and the weakest valuations as of 2024 .
“ For instance , St Lukes in Auckland , closed June 2024 with a median house price precisely at $ 1 million , accompanied by an average growth rate of $ 16.60 per cent over the last three years . If this trend persists over the next 12 months , St Lukes could see its median house price decline below $ 1 million .”
However , the data does not account for micro-market trends . In St Lukes , for instance , there is a high proportion of apartment and semi-attached housing , with one significant apartment complex recently experiencing significant remediation proceedings . These dynamics can substantially influence property values , underscoring the importance of consulting with your Ray White real estate agent to make well-informed decisions .
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