Some of the houses around the country for sale at the $1m mark. Photo: Google Street View
The housing market has experienced a sharp turnaround over past year, with double-digit declines in value in all the main centres.
The latest QV House Price Index shows the average home decreased in value by 3.9 percent over the three months to the end of October, a smaller decline on the 5.4 percent quarterly drop reported at the end of September.
The index also showed a drop in average home values of 9.7 percent in the first 10 months of the year, compared with a 22 percent gain in the year-earlier period.
So what can $1 million buy around the country in the current market?
Auckland
Across the Auckland region, the average property value now sits at $1,348,213, falling 4.4 percent this quarter.
House prices in the Super City have dropped by 11.7 percent in the first 10 months of the year.
A cool $1m can purchase a four-bedroom, two-bathroom home with a 580m² floor plan in the southern suburb of Franklin.
The same property is listed with a RV of $930,000.
Photo: Screenshot/YouTube
Hamilton
Further south, Hamilton has also seen a 10.5 percent decline in property values in the first 10 months of the year.
Home buyers hunting in the Waikato could look to purchase a new build home in the Hamilton suburb of Chartwell for an asking price of $999,999.
For this kind of money, the home includes three bedrooms, two bathrooms sitting on a 172m² floor plan in a 349m² section.
The property's asking price is more than double its listed RV of just $420,000.
Photo: Google Street View
Wellington
The Capital city has seen a 17.6 percent decline in property values in the first 10 months of the year - topping the list of main centres.
A real estate agency is asking for enquiries over $1.045 million dollars for a three bedroom, two bathroom home on a 598m² section in the suburb of Brooklyn.
The same property is listed with a RV of $1,470,000.
Photo: Google Street View
Nelson
In sunny Nelson, CoreLogic reported a 4.1 percent drop in property values over the last quarter with an average house price of $815,901.
A million dollar property in the city looks like a three bedroom, one bathroom 270m² home sitting on a 806m² section in the suburb of Atawhai.
The property has a listed RV of $930,000.
Photo: Google Street View
Christchurch
The CoreLogic House Price Index found Christchurch property values had dropped 2.1 percent in the last quarter, despite an annual increase of 8.1 percent.
In the current market, a million-dollar investment can purchase a four bedroom, two bathroom home in the suburb of Wigram.
The same property is listed with an RV of $690,000.
Photo: Google Street View
Queenstown
Queenstown was one of the only exceptions in the nationwide market downturn, with home values increasing 2.9 percent in the third quarter.
Realtors are asking for a price of $990,000 for a house in Queenstown which boasts two bedrooms and two bathrooms on a property with a floor space of 110m².
This contrasts the property's RV of $1,190,000.
Photo: Google Street View
Gore
In Gore, a million dollars holds significantly more purchasing power than the main centres with a four bedroom, two bathroom home sitting on a 1.4ha section heading to auction for between $950k-$1m.
The property's RV is listed at $760,000.
Photo: Google Street View