Million-dollar home trend on the rise in Tasman
While asking prices for houses of more than $1 million are dipping nationally, Tasman district is bucking the trend.
New data from the Real Estate Institute of New Zealand (REINZ) has revealed that the number of $1 million-plus properties being sold across the country has dropped by 11.2 per cent compared to the first half of 2018.
Auckland has borne the brunt of the decrease, with 722 fewer highend houses being sold.
The news is better in the regions, however, with Tasman one area experiencing strong growth in highend sales.
Compared to the first six months of 2018, there was a 17 per cent rise in sales of more than $1 million in Tasman in 2019, an increase from 18 to 21.
Nine of the homes were sold in Richmond, three in Redwood Valley, three in Ruby Bay, two in Brightwater, and one apiece in Bronte, Awaroa Bay, Motueka and Tasman/Upper Moutere.
REINZ spokesman for Nelson Darryl Marshall said there had been a consistent demand for properties across the board in the region, even during the winter months.
He said there could also be a flow-on effect from the increased level of building in Tasman.
‘‘Tasman district has been experiencing a lot of recent high-end home building in the past few years. For those wanting to sell for whatever reason, the market is supporting that choice to on-sell.’’
In comparison, Nelson city experienced a decrease in milliondollar home sales over the same period of time, dipping from 33 in the first half of 2018 to 25 in the first half of 2019.
Marshall said there was still an appetite for higher-end homes in Nelson, but the context was different for the two areas.
‘‘Tasman offers different residential living options. There’s more scope in places like Mapua and the hinterland, where people are building beautiful homes on big sections.
‘‘It’s a big area and has a wide range of options. In Nelson, you’re a bit more confined when looking at million-dollar options.’’
REINZ chief executive Bindi Norwell said the figures fitted in with wider national property trends.
‘‘We typically expect to see Auckland performing relatively well in our Million Dollar Price Report, so it’s interesting to see a 17.3 per cent drop in sales of million-dollar-plus homes so far this year.
‘‘However, when you look at the bigger picture, it aligns with the shift we’ve been seeing over the past few months, as Aucklanders continue to search for more affordable properties and lifestyles in various regions, and median prices in the region have stabilised.’’
Norwell said it was ‘‘promising’’ to see an increase in sales in other parts of the country, and with renewed confidence in the Auckland market, it would be interesting to see what happened in the second half of the year.
Overall, 4963 houses in the $1 million-plus category were sold across New Zealand, down 628 on the first half of 2018.
So far in 2019, there have been no houses in Tasman or Nelson sold in the $3 million-plus or $5 million-plus categories.