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The number of million-dollar homes that found new owners last year in New Zealand surpassed 2018 figures.
The REINZ’s latest Million Dollar Price Report revealed that, excluding Auckland, the number of properties that sold with a price tag north of a million dollars was up by 17.4 per cent.
However, Auckland pulled the country average down, as fewer high-dollar homes went under the hammer last year, down by 4.6 per cent from 2018, which is the lowest number of million-dollar-plus properties sold in the city since 2014.
“2019 is the third consecutive year that Auckland has seen a year-on-year decrease in $1 million-plus properties sold, dropping each year from its peak in 2016 with 9,634 properties sold for $1 million-plus,” REINZ chief executive Bindi Norwell said.
The lift in high-value house sales outside the City of Sails is a result of demand exceeding supply in parts of the country, which has been emphasised by the housing shortage, she said.
“There has been a significant increase in the number of properties sold at the top end of the market, with a 26.8 per cent increase in $3 million-plus property sales and a 50 per cent increase in $3 million-plus property sales outside of Auckland,” Ms Norwell said.
“While the Auckland market may have cooled in the first nine months of 2019, the final quarter of the year showed signs of house prices picking up, so it will be interesting to see how that plays out in terms of the number of $1 million-plus house sales in 2020.”
Although the year is still fresh, Ms Norwell expects this trajectory will continue for the first half of 2020.
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