Is This The Start Of A Bubble?


Million dollar home sales up 36%
By Yvonne Tahana
Monday Jan 14, 2013

Most sales of wealthy homes are in Auckland, but lower-risk Christchurch suburbs also hit magic price tag more often

Last year a string of Auckland homes sold well above council valuation. Photo / Supplied
Nearly 3000 homes sold for $1 million or more last year – a 36 per cent increase on 2011, new figures show.

More than 80 per cent of the properties were in the Auckland market but earthquake-ravaged Christchurch also had a high turnover of expensive properties as buyers competed for homes in lower risk areas.

But new owners in either market did not necessarily get luxury, property experts say.

Figures supplied to the Herald from the Real Estate Institute of New Zealand reveal that 2846 homes sold for $1 million or more, compared with 2093 the year before – an increase of 36 per cent.


Of those, 2310 were in Auckland, a 43 per cent jump on 2011. Most sales were within the old Auckland City Council boundaries which take in Herne Bay, Ponsonby, Grey Lynn, Remuera, Epsom and Newmarket.




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