$1m-plus property on rise in regions

Even million-dollar properties are not immune from a slowdown in Auckland, new data from the Real Estate Institute of New Zealand (REINZ) shows.

The number of properties sold nationwide for more than $1 million dropped 4 per cent in the first half of this year compared with the same six months of 2016.

That change was due to the Auckland market. In the country’s biggest city the number of milliondollar property sales fell 8 per cent.

Across the rest of the country, the number of million-dollar sales increased 16 per cent.

‘‘Even at the top end of the market we’re starting to see signs of stabilisation occurring – in part due to loan-to-value ratios continuing to have a greater impact on people’s ability to purchase property but also due to the fact buyers will be starting to take into account interest rate predictions over the next 12 to 18 months,’’ REINZ chief executive Bindi Norwell said.

Otago had the third-highest number of properties for sale for more than $1m. Hawke’s Bay, Nelson, Taranaki, Tasman, Waikato and Wellington all had record numbers of million-dollar sales in the first half of this year.

There were 241 sales for more than $3m, of which 213 were in Auckland. Another 56 topped $5m, 51 of them in Auckland.

Norwell said it was likely that other parts of New Zealand would start to see more million-dollar property sales, as Auckland had.

She said the work agents had to do to sell a $3m or $5m property was different to that for a medianpriced home, as buyers often had more specific requirements. –Stuff