It identifies factors that influenced house prices and the number of million-dollar-plus sales
The number of properties sold for at least one million dollars has increased during the first half of 2020 compared to the same period last year, according to the Real Estate Institute of New Zealand (REINZ).
The REINZ's latest Million Dollar Price Report found that the number of million-dollar property sales increased by 11.7% for the first half of 2020 compared to the first half of 2019, with 5,426 million-dollar properties sold.
The number of million-dollar properties sold in Auckland during the first half of the year increased by 16.9% compared to last year, the most significant annual percentage increase for the region since the first half of 2016.
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REINZ noticed the same demand for properties, which increased the number of million-dollar-plus sales. The shortage of housing stock also affected house prices, said REINZ chief executive Bindi Norwell.
“The top end of the market seems to have also benefitted from the flow-on effect, seeing a 30.7% increase in the $3 million plus category and a 38.5% increase in the $5 million plus category nationally,” Norwell said.
“Regardless of the difficulties faced over the last few months with COVID-19 and the lockdown period, the first half of 2020 still outperformed the first half of 2019 when it comes to $1 million plus sales.”
