Realestate.co.nz found that over the past 17 years, houses have experienced a substantial increase of 102.6 per cent in average asking prices, rising from $416,173 to $843,208, while apartments saw an 82.8 per cent increase from $410,516 to $750,611.
In the shorter term, however, the growth rates are remarkably similar.
During the five-and-a-half-year period between May 2019 and November 2024, houses increased by 29.6 per cent, while apartments grew by 27.1 per cent.
Vanessa Williams, spokesperson for realestate.co.nz, said there are a few reasons for the differences between house and apartment growth rates.
“Houses have delivered stronger long-term gains because they typically include more land, which increases in value over time,” Ms Williams said.
“In contrast, apartments often don’t benefit as directly from land value, as the land is usually shared among all units in the complex.”
The Auckland market presents a significant opportunity for first-home buyers, with apartments offering a more affordable entry point.
The average asking price for an Auckland apartment in November 2024 was $750,596, approximately 29.3 per cent less than the average house price of $1,062,295.
Ms Williams said that the choice between houses and apartments extends beyond pure financial considerations.
“It’s not just about the numbers—lifestyle plays a huge role in choosing between a house and an apartment,” she said.
“Some buyers prioritize the convenience of city living with minimal maintenance, while others value the space and flexibility of a house.
“Understanding these trade-offs will help you make the best decision for your future.”
