Streets of Gold: New Zealands most expensive streets

Auckland’s Cremorne St may as well be paved in gold.

The coastal road in Herne Bay has been revealed as New Zealand’s most expensive street with its mega-mansions worth an average $13 million each.

That’s according to the latest Auckland Council capital value valuations released this month.

It means that while Cremorne St is tiny – just 150m or a two-minute stroll long – its 13 luxury homes have a combined council valuation of $182 million, analysts Valocity found.

The Rise in St Heliers in Auckland’s inner-east, meanwhile, is the nation’s second most expensive street, when ranked by the average CV of each of its houses.

Its mega-mansions – many of which boast gorgeous clifftop views towards Rangitoto – are worth an average $9.2m.

The combined CV of all homes on the street is $119m.

Incredibly, the nation’s most expensive home is worth almost half the value of all those homes on The Rise combined.

The Ōrākei home of China-born meat exporter Deyi Shi, known to his friends as Stone, has a new Auckland Council CV of $58m.

That is $20m more than the $38.5m Shi paid to buy the mansion in 2013.

James Wilson, from valuation and property analysts Valocity, said Auckland’s most expensive streets had earned their exclusive reputations over decades.

“So I’m not entirely surprised to see which streets are rating the highest,” he said.

What was more surprising in the recent Auckland Council valuations was the significant jump in value of some streets outside of the city’s traditionally exclusive enclaves, he said.

That was due to recently land rezoning.

It meant some streets with homes on large blocks of land in locations previously not as exclusive were now among the city’s more expensive addresses because of their potential to be redeveloped, Wilson said.

CVs involve Auckland Council estimating the value of every residential and commercial property in the region every three years.

They give Kiwis a chance to get rough estimates of the value of property around Auckland and the rest of the nation when combined with data from other councils.

Auckland's most expensive streets

Cremorne St’s status as the nation’s most expensive street by average CV is partly due to the stunning mega-mansion owned by Simon and Paula Herbert.

In 2018, the couple were involved in what was described as a residential property record for New Zealand in which they bought and sold homes worth nearly $60m.

That involved investor and specialist marina developer Herbert and his wife selling one of Auckland’s most stately mansions on Remuera Rd for $25m and then buying their Cremorne house for close to $30m.

Their three-storey modernist Cremorne house sits on the waterfront and boasts a rare residential helipad and was recently valued at $30m by Auckland Council.

The Herbert’s home along with other mega-mansions valued between $14m and $18m along Cremorne St helped drag up its average house price.

But not every home is quite so expensive.

The Cremorne St house with the cheapest CV is valued at just $5m – a steal for any millionaire hoping to buy on the street.

After Cremorne and The Rise in St Heliers, Garden Rd in Remuera is the nations third most expensive street by average CV.

Luxury homes on Garden Rd have an average CV of $8.6m, while the combined value of all homes on the street is $112m.

In terms of the New Zealand street with the highest combined value of homes along it, data by property experts OneRoof and Valocity last year found the title went to Remuera Rd in Remuera.

Just on that road alone is of $2 billion worth of luxury homes, the data found.

Auckland's most expensive homes

While Stone Shi’s Ōrākei home on Huriaro Pl is the nation’s most expensive at $58m, it is classified by Auckland Council as being a home and a place of income.

The most expensive home classified as purely a place of residence is the Riddell Rd mega-mansion in Glendowie owned by New Zealand’s richest man and billionaire Graeme Hart and his wife, Robyn.

Their home now has a $41m CV.

However, as recently reported by the Herald, the couple have gradually bought up surrounding properties to make an extended family compound with several driveway entrances.

Collectively the properties are now valued at more than $102m.

Most expensive streets outside Auckland

Queenstown’s Pinnacle Pl is the most expensive street outside of Auckland.

It’s luxury homes have an average CV of $7.2m and feature a number of ultra-modern properties boasting stunning views over Queenstown’s mountains and Lake Wakatipu.

The combined value of homes along the street is $36m.

Butavas St in Wellington’s Khandallah was the next most expensive, with homes having an average $4.9m CV and a combined value of $44m.

Most expensive homes outside Auckland

A stunning lodge in Helena Bay near Whangārei valued at $38.5m and a Queenstown escape on Buchanan rise in Glendhu Bay valued at $21.8m are the two most expensive homes outside of Auckland.

Both homes are listed as lifestyle properties by council, however.

That means the most expensive home outside Auckland that is listed as purely a residential dwelling is a $16m mansion on Tauranga’s Marine Pde, according to Valocity.

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