New Zealanders would still rather pay more than commute further to work every day, says Real Estate institute chief executive Helen O'Sullivan.
By Susan Edmunds
She said there were still affordable homes in Auckland, but people would need to be prepared to live in less fashionable suburbs.
"I've been astonished at the value you can get in the south."
She said some three-bedroom homes were selling for abotu $300,000 and were only 10 minutes' walk from the train station.
But she said that a lot of Kiwis lived in New Zealand because there was a perception that the trade-offs between commute and lifestyle that apply in other countries around the world were not such a concern. She said Aucklanders were not prepared to tackle long commutes.
"They still prefer to spend more money than go further out."
She said investors were buying properties in the city's dormitory suburbs, often after selling off properties in areas that had become more desirable.