The million-dollar transactions

Regions including Taranaki, Hawke’s Bay and Tasman recorded strong growth in million-dollar property sales last year.

However, Real Estate Institute figures show that in 2017, the number of properties nationwide selling for more than $1 million was 13.8 per cent lower than in 2016.

In Taranaki, twice as many million-dollar homes sold last year as the year before. There, 36 properties went 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, 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 strong sales in the $1m-plus category last 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