Luxury Real Estate Blog and News
Sales and prices of luxury property in Auckland increased in July with a lack of supply making buyers more decisive, according to agents.
Luxury houses at the top end of the real estate market in New Zealand are selling fast but analysts are warning that the renewed interest in multi million dollar properties does not mean a recovery. The latest figures from the Real Estate Institute show that 166 luxury properties were sold in central Auckland in January and February, up from 130 in the same period last year. Although this is still well below the 268 million dollar properties sold in the same two months in 2007 at the height of the property boom, it is a significant trend, according to Bayleys agent David Rainbow who specialises in luxury homes in Remuera.
Residential property prices in New Zealand are continuing their upward trend with values in Auckland reaching a 23 month high, according to the latest published figures. Prices in Auckland went up 3.1% in the three month period ending in November from 2.5% in October, the data from QV Valuations shows. As the year ends the company’s analysis shows that total market activity was relatively static during 2009 due to a shortage of property for sale as the economic outlook meant many potential sellers decided to stay put.