New figures released by the Real Estate Institute of New Zealand (REINZ) show Auckland has had the highest volume of sales over August in the last 12 years and a 130 per cent rise in sales over $1 million from August 2014-15.
The country at large has had 7,766 dwelling sold over August, a 41.7 per cent increase from last year.
REINZ chief executive Colleen Milne says, “Activity right across New Zealand continued to be very strong through August, with wintry conditions apparently no deterrent to sales being concluded. A rise in the number of new listings matched by the number of sales, showing that with more properties available for sale buyers have emerged to take up the additional supply. However, most regions still face a shortage of listings going into spring.”
Milne said there has also been a noticeable increase in Auckland buyers investing in other regions, particularly Dunedin and Waikato and Bay of Plenty. Some of this demand has been attributed to the pending Reserve Bank LVR restrictions in Auckland and dropping interest rates.