A third of Auckland suburbs now have an average house price of more than $1 million, with one cracking the $2 million mark and another two on the verge.

The latest figures from QV for the third quarter, printed in Monday’s paper, have also revealed that the average house price in some suburbs has risen by more than 100 per cent since the last peak in 2007.This year, the city got its first $2 million suburb, with houses in Herne Bay averaging $2.13 million.

House prices in St Marys Bay for October averaged $1.94 million and Remuera $1.79 million. Also, since the last peak in 2007, house prices in four suburbs — Glen Innes, Sunnynook, Wai O Taki and Kingsland — have increased by at least 100 per cent.

CoreLogic compiled the quarterly E-Valuer figures. Senior research analyst Nick Goodall said the fact Auckland now had 59 million-dollar suburbs was “not at all surprising”.

“We are now seeing Auckland recognised as a truly international city ... and therefore compared with the likes of Sydney and Melbourne rather than Hamilton and Dunedin for both local and foreign buyers.”

However, the news isn’t all bad for those looking to buy outside Auckland, with some suburbs seeing a decline — some as much as 31.9 per cent.

The cheapest areas in the country were:

  • Taumaranui, King Country, with an average of $92,500
  • Kawerau, Bay of Plenty, with an average of $101,500
  • Fordlands, Rotorua, with an of $112,350
  • Castlecliff, Wanganui, with an average of $114,000
  • Tokoroa, Waikato, with an $123,500