Aotearoa Is Not For Sale protesters turned out as well-dressed "millionaires" and were carrying suited effigies of National Party MPs as their "Millionaires Mocktion" got underway.
Earlier, while gathered outside Parnell's Holy Trinity Cathedral, participants handed out fake $100 bills printed on toilet paper as they prepared to "auction off" the prime minister's home.
As they walked to Key's house, they started chanting "raise university fees and get the riff raff out" and "whose banks, our banks" in mockery of the "rich right-wing policy makers".
On seeing journalists, the protesters cheekily called out "whose media, our media" followed by a haughty laugh.
Although they slowed traffic in the area, drivers were bemused, slowing down and tooting as they passed.
Meanwhile, police were gathered outside Key's home as a precaution.