Where the million-dollar deals are being struck

Southland and Taranaki were the regions recording million-dollar sales last year.

In 2017, the number of properties sold for more than $1 million dropped 13.8 per cent nationwide, compared to 2016.

But Southland had 200 per cent growth. On the other hand, turnover was tiny – there was only one Southland property sold for more than $1m in 2016, and two last year. One was a property in Te Anau sold for $1.53m and the other an entire peninsula on Stewart Island for $1.475m.

Taranaki also had a big increase, according to the Real Estate Institute, with twice as many million-dollar homes sold last year as the year before. There, 36 properties sold for seven figures, compared to 18 in 2016.

Hawke’s Bay recorded an increase of almost 60 per cent, Tasman 52.4 per cent and Gisborne 33.3 per cent.

In Auckland, the number of milliondollar properties sold fell 17.8 per cent to 7897. Manawatu/Wanganui, Marlborough and Northland also recorded falls in the number of million-dollar sales.

‘‘If you look at the number of $1m-plus sales as a percentage of total sales, then we’ve actually seen an increase,’’ Real Estate Institute chief executive Bindi Norwell said.

‘‘In 2016, 12.9 per cent of properties sold had a price tag in excess of $1m dollars, whereas in 2017 13.3 per cent of all properties sold were above a million dollars. These figures very much represent the residential sales picture during 2017 where the volume of sales has been down, but the value of properties has increased.

‘‘A number of regions experienced really strong sales in the $1m-plus category last year, with many producing a record number of sales for their area – despite the fact that 2017 was an election year,’’ she said.

‘‘Otago also had a record number of $3m plus sales last year with 24 sales in this price bracket, compared to 17 in the same bracket in 2016.

‘‘Across the country, 51 properties were sold in the $5m-plus category – 44 in Auckland, compared to 103 in 2016, one in Canterbury and six in Otago.’’

❚ Susan Edmunds