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Top 10 Auckland growth suburbs for 2023

NZ_AucklandCBD_Communications_Top 10 Auckland growth suburbs for 2023

Each year our residential experts release their prediction of the best areas to invest in for price growth for both owner-occupiers and investors across the next two to five years.

In 2023, the areas selected are not only based on changes or improvements that are either already underway or in the planning stages, but they also consider the current economic conditions, aftermath of the Covid-19 pandemic, and the effects of the recent extreme weather events on specific areas of Auckland.

Pete Evans, National Director of Residential Projects at Colliers, says they are looking at the suburbs that are best positioned to navigate the array of factors which lead to price growth over time.

“After a period of sustained growth, followed by a correction in 2022, we are confident the first market to experience an upward turn will be the economic powerhouse of Auckland before rippling out to the regions as was the case in the previous cycle starting in 2015,” Evans says.

“Rising inflation and interest rates throughout 2022 means the historically low interest rates that made purchasing more accessible up to 2021 are now replaced with higher interest rates and less accessible finance, which are very relevant for short-term predictions.

“The focus in 2023 will remain with affordable southern suburbs, the return of amenity rich city fringe suburbs and the lifestyle northern suburbs. Inflation, fuel costs, and economic conditions ensure all top 10 picks are within 20km of the Auckland CBD.  These central, connected locations will provide good growth in the medium to long-term.”

NZ_AucklandCBD_Communications_Top 10 Auckland growth suburbs for 2023_OMCThe Onehunga Mall Club will be a part of the changing face of Onehunga.

Southern affordable suburbs

1. Manukau

  • The median house price increased by 7 per cent over the past 12 months but with the median house price now only $685,000, it offers great value relative to other South Auckland suburbs and will remain a highly desirable location for first home buyers and empty nesters as evidenced by the low average of 36 days on the market before sale 
  • Increasing investment into the Manukau CBD creates new employment opportunities, city centre improvements, and retail amenity that will support property price growth add to the appeal
  • Modern new residential developments incorporating lifestyle amenities are improving the quality of housing in Manukau and surrounding areas making it a great place to live and invest

2. Papatoetoe

  • Investment into revitalising the Papatoetoe Mall, extension and refurbishment of the New World supermarket is breathing new life into the established Papatoetoe village
  • The newly opened Puhinui Station provides fast, frequent, and easy connection to the CBD and Auckland Airport.
  • New residential developments under construction are evidence of the increasing demand for new urban living environments taking advantage of Papatoetoe’s central location and affordability for first home buyers and investors

3. Onehunga

  • The changing face of Onehunga is best reflected in Onehunga Mall, which has emerged from the Covid-19 pandemic with new retail, cafes, bars, and apartment buildings
  • Lendlease has confirmed the expansion and redevelopment of Dress Mart with an additional 6,000sq m of tenancies
  • The redevelopment of the Onehunga Wharf by Auckland Council in its 10-year plan underpins the long-term growth potential

4. Mount Roskill

  • The median house price has dropped from $1,330,000 to $1,040,000 during the past 12 months reflecting the changing face of Mount Roskill with larger older dwellings being replaced by smaller new terrace houses and apartments.
  • Mount Roskill has been a construction zone for the past few years converting large land areas into new open market and KiwiBuild developments and, with most of the civil works coming to completion, now is the time to act
  • KiwiBuild creates first home buying opportunities and the advantage for these buyers is the Auckland central location making this one of the best available options

5. Panmure

  • Panmure is the beneficiary of major transport infrastructure developments, becoming the south-east central hub for future mixed-use and residential development
  • The Panmure Interchange is part of a wider transport project called the Auckland Manukau Eastern Transport Initiative developing train, bus, and cycleway initiatives to improve connectivity when completed in 2025
  • The property cycle downturn in 2022 means 2023 is a prime time to take advantage of lower prices to secure future price growth in the medium to long-term

NZ_AucklandCBD_Communications_Top 10 Auckland growth suburbs for 2023_Te MaraTe Mara is located in Mount Roskill, where median house prices have dropped from $1,330,000 to $1,040,000 over the past 12 months.

City Fringe Suburbs

6. Newmarket

  • The median house price has increased slightly in 2022 from $775,000 to $785,000 but remains a low entry point for accessing some of the city’s best lifestyle amenities
  • With multiple access points to the City Rail Link, Newmarket will attract residents as a preferred alternative to the CBD
  • Recent flood and land erosion events will cause a rethink for those contemplating their next housing decision with new residential developments such as The Domain Collection and The Foundation Village providing attractive location and amenity without these risks

7. Ponsonby

  • Following the end of Covid-19 lockdowns, city fringe residential suburbs with retail, cafes, and restaurants will return as the most desirable suburbs of Auckland
  • Combining great local amenity with the resilience of the top end of the market to navigate through higher interest rates will ensure increased demand for limited Ponsonby opportunities
  • Sustainability and technical innovations for boutique apartment developments will be keenly sought as the market moves from clifftop residences to uninterrupted high-rise views

NZ_AucklandCBD_Communications_Top 10 Auckland growth suburbs for 2023_CarltonGoreRoadThe Domain Collection in Newmarket will provide convenient access to the City Rail Link.

Lifestyle northern suburbs

8. Long Bay

  • In 2020 and 2021 the Covid-19 pandemic caused the world to question the way we live and work. For Aucklanders the boundaries are now blurred, with technology allowing people to work from anywhere, so a beachside lifestyle with local amenity is scarce but very desirable
  • This is reflected in the median price, which has increased from $1,460,000 to $1,600,000, up by 10 per cent over the past 12 months
  • Time on market is also one of the lowest at 39 days showing that the demand to live in a seaside village only 20km from Auckland CBD will only increase in the short, medium, and long-term

9. Albany

  • One of three growth nodes outside of the CBD according to Auckland Council
  • Albany is the central hub of the North Shore with easy access to Westfield Mall, Massey University, North Shore Hospital, golf courses, Albany Stadium, and excellent connectivity to great beaches and the CBD
  • Albany continues to be one of the fastest-growing suburbs in Auckland with the Auckland 2050 plan identifying the area as a focal point for living, employment, and commercial activity on the North Shore

10. Northcross

  • With interest rates rising throughout 2022, we have chosen one of the most affordable central North Shore suburb of Northcross
  • The suburb already benefits from excellent public transport links via the Northern Busway and its Park and Ride facility, alongside a well-established retail offering, anchored by Westfield Albany, sporting venues and education facilities
  • Northcross offers easy access to Torbay and Browns and Long Bay where the median house price is considerably greater

NZ_AucklandCBD_Communications_Top 10 Auckland growth suburbs for 2023_ElementumElementum in Long Bay will appeal to those looking for a beachside lifestyle with local amenity.